A deep dive into the recent $50 million Telegram scam involving SUI, SEI, and NEAR tokens, exploring how it unfolded and what lessons crypto investors can learn.
Telegram Scam Alert: $50M Crypto Loss in SUI, SEI, and NEAR – What You Need to Know
The crypto world's been buzzing about a nasty Telegram scam that siphoned off a staggering $50 million, targeting investors in SUI, SEI, and NEAR tokens. Here's the lowdown.
The Aza Ventures Bulletin Deception
A Telegram group, Aza Ventures Bulletin, posed as a legitimate OTC deal hub, luring investors with promises of discounted SUI, SEI, NEAR, and even Axelar tokens. It wasn't your typical smash-and-grab; this was a slow burn, a calculated Ponzi scheme designed to win trust before the rug pull.
Early buyers actually received tokens, which built confidence. But as bigger players, including whales, venture capitalists, and influencers, started sending larger sums, the tokens dried up. Messages went unanswered, and refunds? Forget about it. The group vanished, leaving a trail of empty wallets.
How the Scam Unfolded
The genius of this scam was its patience. By initially delivering on smaller deals, the scammers established credibility. Once they had enough trust (and funds), they disappeared. Official SUI and EGLD accounts later confirmed that no such discounted token deals were authorized, proving the whole thing was a sham.
Who's Behind the Curtain?
While AZA Ventures pointed fingers at an individual of Indian origin known as "Source 1," some on-chain sleuths have named Ravindra Kumar, founder of Self Chain, as the alleged mastermind. Kumar has denied these allegations, but the mystery continues.
Lessons Learned: Don't Be a Telegram Token Tourist
This whole ordeal serves as a painful reminder: if it sounds too good to be true, it probably is. Telegram groups peddling exclusive deals or backdoor access to hot coins like SEI and NEAR should raise immediate red flags. Stick to trusted platforms when buying crypto and never send money to strangers, no matter how legit they seem.
The Silver Lining?
Yeah, $50 million vanished. But hopefully, this serves as a wake-up call. Stay vigilant, do your homework, and remember: in the wild west of crypto, a healthy dose of skepticism is your best friend. Now go forth and trade wisely (and maybe take a break from Telegram for a bit!).
