Telegram has seen the rise of fraudulent schemes offering users altcoins at suspiciously low prices. Such deals have resulted in losses exceeding $50 million.
Overview of the Scam
Telegram users have reported channels making discounted offers for potential trending altcoins. An estimated $50 million has been taken from buyers, promised a sale of altcoins at reduced prices while agreeing on a vesting schedule. Coins included SUI, NEAR, SEI, and Axelar (AXL). The scam began in November 2024 as the crypto market was entering another hype cycle, offering a variety of tokens at a 50% discount, such as The Graph (GRT), Aptos, and WELL. Blockchain data showed the tokens were available in designated wallets, fostering trust.
Warnings and Alerts
Following initial OTC sales, the scams expanded further, including tokens such as Axelar and GRASS. Token teams became aware of potential losses, with warnings from SUI and EGold (EGLD) about the lack of deep discount offers. Blockchain investigator ZachXBT also cautioned users regarding the risks associated with Telegram deals. Despite these warnings, subscribers continued to show trust in the offers based on the reliability of certain participants.
Identifying the Scammer
One of the biggest blows against trust in crypto is the person referred to as Source 1. Currently, the channel is keeping their identity confidential, but there are claims that the seller is also a founder of another significant crypto project. The channel admin indicated that maintaining confidentiality may facilitate the recovery of funds for investors. However, a recent post by Ravindra Kumar, co-founder of Self Chain (SLF), stated that he was not involved in OTC deals.
The Telegram scam has led to substantial losses for users, highlighting the need for increased caution in cryptocurrency transactions. It's crucial to heed professional warnings and remain vigilant.
