Crypto Scam on Telegram: Unveiling a Multi-Million Dollar Fraud

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by Giorgi Kostiuk

a year ago

Recently, a massive cryptocurrency scam involving OTC trading on Telegram was exposed. More than $50 million was reportedly stolen, with the fraud going unnoticed for months.

How the Scam Started

The scam began with what appeared to be reliable OTC deals shared in Telegram groups related to venture capital and private investors. The deals promised tokens of prominent projects at substantial discounts and vesting periods of 4 to 5 months. Initial deals were executed flawlessly, creating trust among investors.

Ignored Warnings

By 2025, signs of trouble began to emerge. Eman Abio from the SUI team clearly warned, "There is NO deal!" Lucian Mincu from MultiversX also issued similar alerts. Nevertheless, most investors dismissed these warnings, continuing to pour in funds.

Who is Behind the Scam?

According to Aza Ventures, "Source 1" is of Indian origin and the founder of a project listed on Binance. Aza Ventures is negotiating with "Source 1" to recover funds, but the individual denies any wrongdoing. However, Aza Ventures claims he ran a Ponzi scheme.

This case serves as a warning about the dangers associated with unregulated OTC trading on platforms like Telegram. Despite the warning signs, trust and social hype made the scam convincing.

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