Recently, a significant scam has emerged in the cryptocurrency sector. A major OTC scheme aimed at profiting from investors resulted in losses exceeding $50 million.
Building Trust
Starting in November 2024, various venture capital groups and private investment pools began offering OTC deals on popular tokens through Telegram. These offerings seemed trustworthy, and investors received their tokens, contributing to an increase in confidence in the scheme.
Expansion of Offers
By February 2025, the number of offerings had significantly increased with new projects such as SUI and NEAR emerging. The conditions remained the same, but sales volumes grew. This marked the peak of the fraudulent scheme.
Collapse and Confession
The last transaction occurred on June 1, 2025, after which token distributions ceased. On June 19, Aza Ventures announced that they too had been victims of fraud. They stated that previous agreements were indeed real, but subsequent payments were made with the funds from new investors.
This cryptocurrency scam highlights the importance of a critical approach to investments and warns against trusting unverified schemes.
