Telegram OTC Crypto Scam Defrauds $50M via Fake Altcoin Deals

A sophisticated OTC crypto scam on private Telegram channels duped traders out of over $50 million between November 2024 and June 2025. Fraudsters offered steeply discounted deals—up to 50% off market rates—on high-liquidity altcoins like SUI, NEAR, SEI and Axelar (AXL), using fake vesting schedules and on-chain transfers to build credibility. Despite warnings from the SUI team and MultiversX co-founder Lucian Mincu, distributions continued until June 1. On June 19, broker Aza Ventures confirmed the scheme as a $50 million Ponzi fraud orchestrated by “Source 1,” an Indian national and Binance-listed project founder. Blockchain analysts later accused Ravindra Kumar of Self Chain, who denies involvement. The scam sent SUI, NEAR and AXL prices down by 4–4.8% in 24 hours, though SEI gained 5%. Traders should exercise heightened due diligence on OTC crypto offers and community endorsements to mitigate similar risks.