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Massive $50 Million Crypto Scam Uncovered on Telegram
A sophisticated Ponzi scheme operating through Telegram has left global cryptocurrency investors reeling after losing an estimated $50 million. In this high-profile scam, traders were lured by promises of discounted token allocations, only to become victims of one of the largest crypto frauds in recent times.
How the Telegram Crypto Scam Unfolded
According to leading blockchain analysts and news reports, an individual with ties to India orchestrated the fraudulent operation using various Telegram channels. The scammer reportedly advertised fake over-the-counter (OTC) crypto deals, tricking both experienced investors and crypto newbies into transferring millions of dollars in digital assets.
This elaborate Ponzi scheme gained traction as the cryptocurrency market cap soared to $3 trillion, drawing in new participants and making the sector more susceptible to cybercriminal activity. Despite the industry’s recent technological achievements, this incident highlights the persistent threats facing both institutional and retail crypto investors.
Anatomy of the Ponzi Scheme: From Promises to Collapse
Blockchain research firm Altcoin Alpha and other crypto experts revealed that the fraudster launched what appeared to be legitimate high-tier OTC deals. These offers circulated within closed Telegram groups, and gained credibility when they received endorsements from renowned crypto whales and respected investors.
The scam centered around selling top altcoins such as Aptos, SEI, SWELL, and other trendy tokens at discounts of up to 50%. Investors were promised scheduled tokens allocations between November 2024 and January 2025—giving the operation an appearance of exclusivity and authenticity.
As more members joined lured by the prospect of quick and substantial gains, the classic hallmarks of a Ponzi scheme emerged. Early investors received payouts funded by the influx of new participants, creating an illusion of legitimacy and trust.
Warning Signs and the Scheme’s Downfall
Trouble first surfaced in May 2025, when some participants began noticing irregularities. However, most ignored these red flags, reassured by continued profit distributions. The inevitable collapse occurred in June 2025, when promised token allocations suddenly stopped. At this point, the scheme's operators vanished, offering generic excuses such as travel, exchange issues, or technical difficulties in an effort to buy time and evade accountability.
The fraudulent operation was finally exposed after Aza Ventures—an established global player in OTC crypto trading—publicly announced on June 19 (June 29, Persian calendar) that they too had fallen victim. Aza Ventures identified the main perpetrator only by the Telegram handle "Source 1," confirming both the scale and the global impact of the scam. As more similar cases surfaced, it became clear this was part of an interconnected, widespread attack against the crypto community.
Who Is Behind the $50 Million Telegram Crypto Scam?
Despite extensive investigation, the identity of the primary scammer remains shrouded in mystery. Aza Ventures has disclosed only that the key suspect—operating as "Source 1"—is believed to be from India, withholding additional details in hopes of recovering lost funds.
On-chain analysts including Altcoin Alpha, Crypto Sleith, and others have speculated that Ravindra Kumar, founder of Self Chain, may be linked to the fraud. However, Kumar has strongly denied any involvement. In a post shared on X (formerly Twitter) he refuted all allegations and promised to clarify his position, though no official updates have been provided at the time of writing.
It is important to note that these accusations are currently unproven, and no individual has yet been definitively identified or charged as the mastermind behind the scam. For now, "Source 1" remains anonymous, underscoring the difficulty of tracing criminals operating in decentralized blockchain environments.
Lessons for the Crypto Community: Risk Management and Vigilance
This incident serves as a stark reminder of the critical importance of security, due diligence, and education when investing in cryptocurrencies. Even as blockchain technology continues to evolve and attract mainstream attention, scams like this highlight the ongoing vulnerabilities in the sector. Investors are advised to thoroughly research all offers, verify the authenticity of token sales, and be wary of promises that seem too good to be true—particularly when communicated through informal channels like Telegram. Staying alert and informed is essential for protecting digital assets in the modern crypto economy.
Source: coingape
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