$50M Telegram Crypto Scam Exposed as OTC Ponzi Collapses

Highlights:

• Telegram crypto scam used fake OTC token deals to lure top crypto investors.
• Victims lost $50M after promised token distributions abruptly stopped.
• Ravindra Kumar denied accusations linking him to the scam network.

The $50 million Telegram crypto scam began with private deals shared across trusted Telegram investor groups. The deals guaranteed allocations of the high-profile tokens at reduced prices, including SEI, SUI, Aptos, and Graph. Investors received up to 50% discounts, and the vesting conditions were organized on a 4-5-month basis.

Early trades were seen to be genuine. They issued tokens, and investors enjoyed good returns. Due to the flow of profits, trust was developed, and more significant investments were made. Moreover, crypto personalities promoted these transactions unknowingly, and this widened the scope of this scam.

According to @AltcoinAlphaOnX, a major OTC crypto scam involving SUI, NEAR, Axelar, SEI, and others has been exposed, with over $50 million stolen. The scheme, run via Telegram over several months, initially gained trust by delivering tokens before turning into a Ponzi scheme.…

— Wu Blockchain (@WuBlockchain) June 21, 2025

The volume of deals rose twofold between November 2024 and May 2025. It included bigger names such as NEAR, Axelar, and SWELL. Despite the warnings on social media, the majority of the participants disregarded them. In addition, public alerts by the founders of projects were not enough to reduce the pace of the scam.

As the Telegram crypto scam gained traction, the individual behind the deals, known as “Source 1”, built a strong network. Some of the victims were venture capitalists, key opinion leaders, and large-scale crypto traders. Therefore, they remained immersed in the illusion of legitimacy.

Telegram Crypto Scam Collapsed With Missing Tokens

The trouble started in late May 2025, when a delay in token distributions began. The reasons included technical failure and travel delays. Delivery of the tokens stopped by June 1. Furthermore, deals that resulted in the issuance of Fluid tokens were never finalized.

On June 19, a major broker, Aza Ventures, revealed that it had also been scammed. Their lead source, “Source 1,” was revealed as the core figure behind the Telegram crypto scam. The fraudster supposedly invested funds of newer investors to compensate earlier investors, a typical Ponzi scheme. Deeper research revealed that the other brokers, referred to herein as Source 2 and Source 3, were indirect associates of the same main scammer. When all the channels were connected to Source 1, the structure collapsed, with the actual identity of Source 1 highly suspected, although not yet verified.

Later, it was claimed that Ravindra Kumar, the founder of a Self Chain project listed on Binance, was Source 1. He refuted the accusations, but analysts identified blockchain wallet transfers worth more than $24 million. Authorities in India are said to have initiated investigations into the case.

I've been accused of serious wrongdoing, which is completely false. My legal team and I are working on a statement to address this matter. Stay tuned for updates.

— Ravindra Kumar (@ravidsrk) June 20, 2025

Investors Still Wait for Recovery Amid Uncertainty

The Telegram crypto scam dealt a major blow to top investors who relied on informal OTC channels. Despite recurring warnings by insiders of SUI and MultiversX, the promise of returns blinded mounting concerns. These illegal deals also used private Telegram groups as their main platforms. Success stories of investors were told, which resulted in more investments. The fraud was supported by the trust of the community, and such a factor additionally complicated its early detection.

Aza Ventures vowed to pursue refunds even after the collapse. The company said that it had exhausted its personal finances in an attempt to absorb the losses before it finally discovered the extent of the fraud. In addition, talks with Source 1 are said to be underway, and a refund strategy will be foreshadowed by the end of the month.