Detection of cryptocurrency scams via Telegram: The journey of embezzling over 50 million USD
During the time when blockchain platforms became popular, cryptocurrency scams have become increasingly sophisticated. A large scam via Telegram has been exposed, where bad actors lured in trending altcoins at attractive discounted prices. The scammers have embezzled over 50 million USD from unsuspecting investors, promising much cheaper than the market, while also adjusting according to the vesting roadmap. These tricks severely impact the reputation of the global cryptocurrency community.
Scamming tactics via Telegram channels can be seen
Telegram users have reflected a series of channels offering attractive deals for potential altcoins like SUI, NEAR, SEI, and Axelar (AXL). These coins have high liquidity and are widely promoted on social media, creating a sense of reliability. The trick is to offer super profit proposals along with systematic vesting schedules, making investors trust in the future price increase of these tokens. This behavior began to flourish in November 2024, right when the market started to heat up again with hype.
Detection and warnings from experts about this pickpocket scheme
According to the report from Azra Ventures Bulletin on Telegram, OTC rounds have expanded with each phase, incorporating multiple tokens from Axelar, NEAR, GRASS, and more. Although warned about the high risks, many investors still blindly approved these deals based on the credibility of large projects like SUI and EGLD. Notably, the channel administrator also conveyed that these offers are legitimate and can ensure risk mitigation, despite the fact that these activities are all scam tactics.
The Telegram channel of Azra Ventures Bulletin previously confirmed that there are still many attractive OTC deals, right up to the last minute. | Source: Telegram
In the last two weeks, the main deal provider – referred to as Source 1 – has gone silent on the OTC channel of Azra Ventures Bulletin. The latest announcement confirms that some deals are just Ponzi schemes, while others may still hold value. Azra Ventures is a Tier-4 venture capital fund, only investing in small projects, with 71 support entries. This scheme has harmed many large investors, including whales, community founders, and emerging projects.
Caught red-handed: The connection between the scammer and a large project listed on Binance
Among the perpetrators, a notable name is the main source of the scammer, whose identity is kept secret to avoid exposure. In particular, there are signs that this source is the founder of a large project listed on Binance, with credibility and strong ties within the community. Instead of being public, these individuals deliberately hide information to maintain an advantage for capital recovery and avoid legal responsibilities. However, some recent evidence has revealed identities through social media activities, negatively impacting community trust.
The OTC channel owner also stated that they would consider revealing the identity of the main source after achieving their investment recovery goals. Nevertheless, signs indicate that they are trying to conceal their true actions to minimize the likelihood of prosecution or capture. Clearly, the cryptocurrency market needs to be more vigilant against such illegal activities to minimize losses for the investor community.
Source: https://tintucbitcoin.com/phat-hien-lua-dao-50-trieu-usd-otc-telegram/
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