A scandal has erupted in the cryptocurrency world surrounding a new scam that defrauded investors of over $50 million, utilizing Telegram as the primary deal platform.
Analysis of the Scam
The scam was organized on platform X, where the group Aza Ventures revealed a multi-layered fraud scheme, affecting well-known players such as venture capital firms and crypto whales. Initially, the deals appeared as Tier-1 OTC offers in Telegram groups and did not raise suspicion.
Collapse of the Scheme
The scam collapsed on June 1 after the final deal offering Fluid tokens was introduced. Following the halting of token distributions from previous deals, excuses regarding KYC and exchange issues emerged. Aza Ventures confirmed that they had also fallen victim and disclosed that their primary contact, Source 1, was running a Ponzi scheme.
Market Reactions
Shocked market participants began to question the actual situation. Ravindra Kumare, identified as Source 1, denied the accusations and stated that a full statement would be forthcoming. Nevertheless, Aza Ventures continues to assert his involvement in the Ponzi scheme and the transfer of $24.5 million through wallets associated with Binance.
This scandal highlights the vulnerability of investors in the rapidly evolving cryptocurrency landscape and underscores the importance of caution when engaging with intermediaries.
