Who’s Behind the $50M Telegram Scam Using SUI, NEAR, SEI as Bait?

21 Jun, 2025 Updated 21 Jun, 2025

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Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.

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Who’s Behind the $50M Telegram Scam Using SUI, NEAR, SEI as Bait?

Highlights

A $50M Ponzi scam run through Telegram groups was exposed, targeting investors through fake OTC deals.
The fraud ran from late 2024 to June 2025 and promised a discounted token allocation.
On-chain experts allegedly claim Ravindar Kumar, founder of Self Chain, is behind this scam.

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A group of traders has become victims of a serious $50M Telegram scam after getting lured with a promise of discounted token allocation. An alleged Indian scammer has been running over-the-counter (OTC) frauds through Telegram and has drained millions from investors. On-chain experts have allegedly revealed the name of the prominent crypto personality’s involvement. Let’s discuss.

How did the $50M Telegram Scam take shape?

As the crypto market gains a valuation of $3 trillion, the entire world is eyeing this industry. However, amid accomplishment, scammers and hackers are also persistent, impacting innocent traders. Recently, Iranian exchange Nobitex got hacked, and now a $50M Telegram scam has been unveiled, revealing how security and knowledge should be users’ utmost priority.

According to the crypto analyst, Altcoin Alpha’s analysis, the swindler created a Tier-1 OTC deal and circulated it in the private Telegram groups. The deal was circulated and endorsed by trusted and renowned individuals like crypto whales and venture capitalists.

Additionally, it offered up to 50% discount on vested allocation of trending altcoins like Apto, SEI, SWELL, and others. Everything went smoothly initially (Nov 2024 – Jan 2025), but it soon became a $50M Ponzi crypto scam.

With time, more and more people connect as members promoted the heavy benefits they have achieved. However, it was just a Ponzi scheme where the scammers were paying older clients with the next client’s money.

Later on in May 2025, red flags became more noticeable but were mostly ignored as they were making money. Finally, it crashed in June 2025 when the token distributions stopped. The agents went off-grid and made excuses like travel, exchange issues, and more until the Telegram scam got exposed.

On June 19, leading deal broker Aza Ventures disclosed that they had been scammed. They revealed “Source 1” allegedly running a Ponzi scheme, and soon, more deals were found, making it a global $50M crypto scam.

Who’s behind the $50M Telegram Scam?

AZA Ventures only revealed that the scammer, Source 1, is of Indian origin. They are keeping it confidential as they believe it’s their best chance to recoup investments.

However, a few on-chain experts like Altcoin Alpha, Crypto Sleith, and others revealed Ravindra Kumar (founder of Self Chain) as the alleged scammer for a $50M scam. Notably, he denied these allegations and has claimed to update the community soon.

However, no new updates from his side have been made at the time of this press release. Besides, these are just allegations, and the accusations have not been proven. So, the culprit behind the scam remains unknown as ‘Source 1’ at present.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Frequently Asked Questions (FAQs)

1. What is the $50M Telegram scam all about?

The scam involved a fake OTC token deal circulated in private Telegram groups; instead, it was a Ponzi scheme that defrauded users.

2. How did the scammer carry out the OTC fraud?

The scammers pose as legitimate deal brokers and get people involved in a Ponzi scheme with fake Tier-1 OTC offers

3. What is the current status of the scam investigation?

Aza venturs and the rest victims are working to recover their funds. No legal resolution or recovery has been confirmed yet.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.