The $50M Crypto OTC Scam: How Greed and Trust Fueled a Massive Fraud Involving SUI, NEAR, and More
The $50M Crypto OTC Scam: A Cautionary Tale
The Setup: Trust Built on Sand
In November 2024, whispers of “exclusive” OTC deals began circulating in private Telegram groups. Offers of tokens like SUI, NEAR, and Aptos at 50% discounts with 4-5 month lockups seemed too good to ignore. As a blockchain analyst, I’ve seen this movie before—but even I was surprised by the scale of what followed.
Phase 1: The Bait (Nov 2024 - Jan 2025)
The first transactions went smoothly. Early investors received their discounted GRT, APT, and SEI tokens right on schedule. This “proof of legitimacy” was all it took to trigger a classic FOMO cascade. By January, groups like Aza Ventures were processing seven-figure deals daily.
The Trap Springs Shut
Phase 2: Expansion (Feb - June 2025)
The scam expanded to include over 30 tokens including Axelar and Celestia. My Python scripts flagged unusual wallet patterns as early as March, but rational voices were drowned out by euphoria. When SUI’s team publicly denied authorizing any OTC sales in May? Crickets.
The Collapse
June 1st marked the point of no return. The Fluid token deal stalled, followed by vague excuses about “KYC delays.” On June 19th, Aza Ventures dropped the bombshell—they’d been duped by their own supplier (codenamed “Source 1”) in a textbook Ponzi scheme.
Key Takeaways:
- OTC = Higher Risk: Unregulated markets attract predators
- Social Proof ≠ Due Diligence: Even VC backing means little
- When Teams Warn, LISTEN: SUI and MultiversX tried to sound alarms
As I write this, victims are scrambling to recover funds. Let this be a reminder: in crypto, if a deal smells like a Nigerian prince email, it probably is.
ChainSleuth
Hot comment (5)
Quand le marché OTC rime avec arnaque
50% de réduction sur des crypto ? Même les soldes chez Galeries Lafayette sont moins suspectes ! Ces escrocs ont recyclé le bon vieux “Prince nigérian” en version Web3 - et visiblement, ça marche encore.
Leçon n°1 : Si un inconnu sur Telegram vous propose du SUI à prix cassé… c’est probablement vous qui allez le payer.
[Insert GIF d’un mouton se faisant tondre avec un logo Bitcoin]
Qui d’autre a déjà reçu ce genre d’offres “exceptionnelles” ? 👀 #CryptoCircus
50 triệu đô bay màu như gió
Một vụ lừa đảo OTC khủng với SUI, NEAR và hàng loạt token khác, khiến cả những nhà đầu tư “cá mập” cũng phải ngã ngửa. Đúng là tham thì thâm!
Bài học xương máu:
- Tin vào “deal độc quyền” 50% giảm giá? Cẩn thận kẻo thành “ngựa non háu đá”!
- Kể cả khi có VC backing, cũng đừng tin tưởng mù quáng. Nhớ lời ông bà: “Tin bụng bảo dạ” là chuẩn nhất!
Các bạn nghĩ sao? Liệu có ai trong số nạn nhân đang đọc comment này không? 🤣
50% ส่วนลด…แต่ได้อากาศแทน
เห็นข้อเสนอ SUI, NEAR ลด 50% แบบนี้ใครก็ต้องใจละลาย! แต่พอดูดีๆ มันคือแผน Ponzi แบบไทยๆ นี่นา
บทเรียนวันนี้:
- OTC = โอกาสทอง…ของพวกมิจฉาชีพ
- ถ้าโปรเจคต์ออกมาเตือนว่า “อย่าไปเชื่อ” แล้วยังดันไปลงทุนต่อ…นั่นแหละครับความโลภ
ตอนนี้คงเหลือแต่ถามว่า “เจ้า Source 1 อยู่ไหน” จะได้ตามตบซะหน่อย 😤 #เสียศูนย์คริปโต
¿50% de descuento? ¡Hasta en el Mercadona te piden el DNI!
Estos estafadores de OTC se pasaron de listos: ofrecían SUI y NEAR a mitad de precio como si fueran garbanzos en rebaja.
Lo gracioso es que hasta junio nadie sospechó… ¡y eso que el equipo de SUI lo advirtió más claro que el ‘No fumar’ en una gasolinera!
Moraleja: Si un desconocido en Telegram te ofrece ETH al 2x1, corre más rápido que cuando te llega el extracto de la tarjeta.
#CriptoAprendizaje #ElQueNoCorreVuela
Grabe ang FOMO ng mga Pinoy dito!
Akala nila may jackpot sa OTC deals na ‘50% discount’ - eh mukhang mas matindi pa sa ‘budol-budol’ gang! Kahit warning na ng SUI team, tuloy pa rin ang saya.
Lesson learned:
- Kapag too good to be true… SCAM yan pare!
- Mas trusted pa ang sugal sa sabong kaysa sa ‘exclusive’ Telegram deals
Nagmukha tuloy tayong lahat na si John Lloyd sa isang romance scam. Kayo, na-budol din ba? Comment nyo horror stories nyo! 😂 #CryptoKarma
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