🚨 Major Crypto Scam Involving 32 Altcoins Exposed — Over $50 Million Lost!
📅 June 21, 2025 $
A devastating over-the-counter (OTC) scam has rocked the cryptocurrency world, siphoning off more than $50 million across 32 altcoins through an elaborate Ponzi scheme.
The operation, which unfolded from November 2024 to June 2025, targeted investors via Telegram, offering discounted pre-launch tokens of major crypto projects like SUI, NEAR, Axelar, SEI, and Aptos.
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🧠 How the Scam Worked:
🔹 Building Trust (Nov 2024–Jan 2025):
Fraudsters posed as VC and investment groups offering Tier-1 token deals with up to 50% discounts. Initial deals — involving tokens like APT, SEI, SWELL — were delivered successfully to gain investor trust.
🔹 Expansion (Feb–Jun 2025):
As more joined, newer projects like GRASS, Movement, Ronin, Wormhole were introduced. Investment volumes surged.
🔹 Red Flags Ignored (May 2025):
Despite warnings from SUI’s Eman Abio and MultiversX’s Lucian Mincu, most investors dismissed alerts, lured by promised profits.
🔹 Collapse (Jun 2025):
The scam came crashing down after the June 1 Fluid token deal failed to deliver. On June 19, Aza Ventures — a key promoter — admitted they too were defrauded, revealing it was a Ponzi scheme operated by someone known as “Source 1.”
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🔍 Tokens Involved:
Early Phase: Aptos, Sei, Swell, Coti, Fluid, Kava
Main Phase: SUI, NEAR, Axelar, Sandbox, Ronin, Wormhole, Berachain & 20+ more
Aza Ventures claims the scammer is an Indian national and founder of a project listed on Binance. Legal negotiations are ongoing.
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⚠️ Visual Suggestions:
Infographic: Timeline of scam stages
Chart: Losses by token
Red alert banner: “$50M Crypto Scam – Stay Vigilant!
