- Scam targeted top investors in Telegram groups.
- Total losses exceed $50 million.
- No major protocol or token contract hacks involved.
A $50 million cryptocurrency scam, using Telegram groups to target investors, has been exposed, affecting various key tokens and prominent figures in the crypto community.
Recent Developments
A recent cryptocurrency scam, amounting to over $50 million, primarily targeted “top investors” in Telegram OTC groups. The incident involved false offerings linked with established tokens like SUI and NEAR, misleading prominent venture capitalists.
Ravindra Kumar, founder of Self Chain, was publicly accused and has denied these allegations. The scam unfolded, using well-known tokens, emphasizing the fallibility of private-group trading trust.
Financial Repercussions
The financial repercussions of this scam were extensive, affecting a wide array of investors. Institutional and private sectors reported significant losses, though no project treasuries were drained directly, maintaining protocol integrity despite reputational damage. The scam exploited the hype around liquid tokens, offering false promises of discounts. These fraudulent actions drew attention from project teams who issued warnings, although many investors underestimated the alerts, resulting in substantial personal losses.
There is NO deal! — Eman Abio, Team Member, SUI
Future Outlook and Prevention
In the aftermath, crypto projects and communities are reviewing communication strategies to prevent similar occurrences. The lack of direct hacks underlines the necessity for heightened vigilance in off-chain transactions and trust-based circles. Looking forward, project developers hope for improved regulatory guidance and investor education. Historical trends show that scams flourish during market hypes, reinforcing the importance of reliable communication channels and a vigilant investor approach.
