How the $50M Telegram Scam Was Pulled Off Using SUI, NEAR, and SEI as Bait, Explained

How the $50M Telegram Scam Was Pulled Off Using SUI, NEAR, and SEI as Bait, Explained

The Ponzi Telegram schemes is making waves in the crypto space. The latest of these scams is reported to have unfolded after AZA Ventures opened up on being scammed by ‘Source 1.’ Get the details below;

Key Highlights

• $50 million Ponzi scam that had cut through Telegram groups has been brought to light. This was a lash on investors through fake Over-the-counter (OTC) deals.
• The fraud was in operation from late 2024 down to June 2025, with a promised discount on token allocation.
• On-chain expert analysts allegedly point to Ravindra Kumar, founder of Self-Chain, as the hand behind this scam.

Analysis of the $50M Telegram Scam

Some traders have been reportedly trapped in a serious $50M Telegram scam after getting enticed with so many juicy prospects, which include a promise of discounted token allocation. All fingers point to an Indian scammer, known to have been running over-the-counter (OTC) frauds through Telegram. With this singular practice, he has milked millions from top investors in the industry. Interestingly, on-chain experts have exposed the identity of the prominent crypto leads involved in pulling off this massive overdraft. Let’s discuss further.

Here Is How the $50M Telegram Scam Happened

It is no news again that as the crypto market keeps gaining valuation (which is currently valued at $3 trillion), the interest of the whole world must surely be drawn to this money-yielding industry. This all-time accomplishment is open to all parties, both the good and the bad. True investors who understand the game so well take up the challenge to draw out more, while scammers and uncultured hackers also see a nice avenue to make cool profit off some uneducated folks.

This has been a steady practice for some time now, because just recently, Iranian exchange Nobitex got hacked, and not too long after, a $50M Telegram scam followed suit. All of these point to the reason security and knowledge must be the user’s priority.

From reports gathered, the $50M scammer pulled off a nice trick on users by creating a Tier-1 OTC deal, which went into circulation in private Telegram groups. The deal wasn’t too suspicious because it received massive endorsement from well-trusted and renowned individuals, the likes of crypto whales and venture capitalists.

Now here is where people fell for the bait, the scheme offered a swooping 50% discount on some well-calculated allocation of trending altcoins like Apto, SEI, SWELL, and others. Everything went smoothly at first (within Nov 2024 – Jan 2025), but soon enough, it was undeniably obvious that this had become a $50M Ponzi crypto scam.

In the passage of time, more and more users continued to fall for the fully masterminded invention, without knowing that the nature of the Ponzi scheme was such that the scammers were paying older clients with the money pulled off from newer clients.

The smooth and skillful scam model continued to thrive, not until May 2025, when suspicions began to rise, but of course, it was silenced as the users were still making money. The stark reality, however, hit both the new and already existing users in June 2025, when the system crashed and the token distributions stopped. Immediately, the agents disappeared from the public trace, with each of them pulling off different excuses like vacations and travels, exchange difficulties, etc.

Who’s Behind the $50M Telegram Scam?

Matters escalated on June 19, 2025, when leading deal broker Aza Ventures opened up to have been scammed. They made a shocking revelation of “Source 1” allegedly running a Ponzi scheme. All of these tended towards making the incident a global $50M crypto scam.

Though some experts like Altcoin Alpha, Crypto Sleuth, and others made shocking revelations about Ravindra Kumar, the founder of Self Chain, being the brain behind the $50 Telegram scam. From all indications, the allegations were all denied by him, though he claims to update the community soon.

Following the denials of ever participating in any scam by Ravindra Kumar, the true faces behind the scam remain unrevealed for now, although investigative reports are ongoing, and attempts to reclaim lost funds for affected victims like AZA Ventures are going on as well.

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