I was following the crypto market news when I discovered a case that truly scares any investor: a $50 million scam on Telegram operating as a sophisticated Ponzi scheme. The worst part is that it fooled many people, including Aza Ventures.

It all started quite innocently. A fraudster created a top-tier OTC business and spread it in private Telegram groups, always with endorsements from seemingly trustworthy people. The promise was attractive: up to 50% discount on high-flying altcoins like Apto, SEI, and SWELL. Between November 2024 and January 2025, everything was running normally. But then the classic Ponzi scheme began, where the profits from new investors paid the old ones.

The growth was exponential because more and more people were attracted by the apparent gains. In May 2025, warning signs started to appear, but no one paid attention because they were making money. Until June, when everything collapsed. The distributors disappeared with vague excuses about exchange problems and travel, and the scam on Telegram was finally exposed.

Aza Ventures was the first to report the fraud on June 19. They discovered that behind it all was someone called "Source 1," of Indian origin. Blockchain experts like Altcoin Alpha and Crypto Sleuth pointed to Ravinder Kumar (founder of Self Chain) as the alleged responsible, although he denied the accusations.

The crypto market continues to grow — SUI is at $0.91 (-4.59% in 24h) and NEAR at $1.36 (-2.97%) — but cases like this show why security and verification should be top priorities. This Telegram scam leaves an important lesson: if it sounds too good to be true, it probably is.