Telegram OTC Ponzi Scheme Defrauds $50M in Altcoins

Published: 2025-06-21 10:44:13 |

Investigators have exposed a crypto Ponzi scheme that used Telegram OTC groups to defraud traders of over $50 million by offering discounted forward sales of 32 altcoins. From November 2024 to January 2025, scammers posing as VC pools targeted high-profile investors with deep discounts on tokens like APT, SEI and SWELL, delivering initial orders on time to build trust. The operation expanded from February to June 2025, adding major projects including SUI, NEAR, Axelar and GRT despite public warnings. Payouts stopped in June, and on June 19 Aza Ventures confirmed it was a classic Ponzi, using new funds to pay earlier investors. Total losses exceed $50 million, with individual losses over $1 million. Victims face cross-border legal challenges and ongoing recovery negotiations.

Bearish

This news is bearish for the tokens mentioned as it undermines investor trust and may trigger sell-offs. In the short term, traders will likely reduce exposure to the affected altcoins, driving prices down. Over the long term, lingering reputational damage and regulatory scrutiny could dampen market liquidity and hamper future token sales.