Ponzi-Style Telegram Scam Uses Real Tokens to Steal Millions

21-06-2025

Telegram-Based $50M Crypto Scam Involved Major Tokens Like SUI SEI

A large-scale over-the-counter (OTC) cryptocurrency fraud has been uncovered which took place through a telegram group, exposing a network of fraud that targeted high-value investors.

The scam involves a well known token like SUI, NEAR, Axelar, SEI and many more.

The estimated damage exceeds around $50 million, marking it one of the major crypto-related scams in the recent month.

The planning to operate the scam took several months, avoiding major public attention while quietly siphoning funds from buyers.

A recent X post of Wu Blockchain clears it all. The post tells that the hackers made stairs of trust with the buyers, so that this could happen without any interference.

The schemes run through telegram channels over several months where they deliver tokens.

Large scale investors or venture capitalists like VCs, KOLs and whales became the victims of this fraud.

Source: X

How did it start ?

Stage 1: Building trust of buyers from November 2024- January2025

Back in November 2024, several venture capital groups and private investment circles began promoting what appeared to be legitimate Tier-1 OTC crypto deals in a Telegram group.

These offers featured tokens from major projects like Graph(GRT), Aptos(APT), SEI, SWELL and offered up to 50% below market prices with a 4-5 month vesting period.

Source: X

The initial transactions were fulfilled without any issues, investors were receiving their tokens on time which established trust and credibility among the users .

This encouraged many users to participate in this.

Stage 2- Processing of Scam took place from February to June 2025.

By February 2025, the OTC scam had just ramped up . The telegram groups were flooded with various new token deals like SUI, NEAR, GRASS, Axelar and many more.

Source: X

The consistent structure and past successful deliveries boosted trust among the investors . It grew confidence among them to purchase the tokens.

Stage 3: Not considering the warnings from industry leaders in May 2025

In May 2025 the loopholes in the OTC scam began to show, industries started raising their voice against it and tried possible ways to alert the users . But got ignored by the investors which now made them facing a big loss!

Source: X

Stage 4: Telegram Trust Networks Enabled a $50M Token Scam by June 2025

The scheme started to unravel on June 1 when the final OTC deal offering Fluid tokens.

Soon after the distribution of tokens from earlier deals stopped.

Users were seeking for the answers but were met with vague responses about the delays and technical issues.

On June 19, investment firm Aza Ventures publicly admitted they were also victims, revealing that their main contact is known as source 1.

It had been operating a Ponzi scheme.

Source: X

CONCLUSION

What began as a series of seemingly trustworthy OTC token deals turned out to be one of the largest crypto scams in recent months. Built trust among investors very smoothly and then the quiet operation drained over $50 million from investors before collapsing.

The scam highlights the growing need for caution and transparency in private crypto transactions.

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About the Author Akanksha

Expertise coingabbar.com

Akanksha is a dedicated crypto content writer with a strong enthusiasm for blockchain technology and digital innovation. With a growing footprint in the Web3 space, she specializes in turning intricate crypto topics into clear, engaging narratives that resonate with readers across all experience levels. Whether it's Bitcoin, emerging altcoins, DeFi platforms, or NFT trends, Akanksha delivers timely and insightful content that helps audiences stay informed in the ever-evolving crypto market. Her analytical approach, combined with a passion for decentralized finance, allows her to craft informative pieces that empower both new and experienced investors. Akanksha firmly believes in the transformative power of blockchain to reshape global systems and drive financial inclusion.