$50M+ OTC Crypto Scam Exposed: SUI, SEI, NEAR Affected

In Brief:

OTC fraud scheme ran on Telegram, involving SUI, SEI, NEAR, Axelar

Victims include VCs, influencers, and crypto whales; losses exceed $50M

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A large-scale over-the-counter (OTC) crypto scam has been exposed, involving top tokens such as SUI, SEI, NEAR, and Axelar. According to @AltcoinAlphaOnX, the fraud operated quietly within Telegram groups for several months. The scheme initially gained trust by completing trades as promised—only to later pivot into a Ponzi structure that collapsed after amassing over $50 million in stolen assets.

The scam’s victims reportedly include several venture capitalists, influential opinion leaders, and high-net-worth investors. Aza Ventures, one of the entities affected, claims that a key player in the scam—referred to as "Source 1"—is the founder of a project currently listed on Binance and is believed to be of Indian origin.

This incident highlights growing concerns about the lack of transparency and accountability in OTC crypto trading channels, especially those operating through unregulated platforms like Telegram.

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