$50 Million Telegram Scam: Unveiling the Ponzi Scheme with SUI, NEAR and SEI

A sophisticated $50 million Telegram scam left investors and venture capital funds significantly harmed. Blockchain experts identified Ravinder Kumar, founder of Self Chain, as the alleged architect of this fraudulent scheme, which mainly operated through over-the-counter (OTC) trades in private Telegram groups.

The Well-Orchestrated Trap: How the Fraudster Attracted Investors

The scheme started very sophisticatedly. The fraudster created a top-tier OTC operation and strategically promoted it to private Telegram groups. According to analysis by Altcoin Alpha, the business received endorsements from seemingly trustworthy individuals and well-known influencers, such as Crypto Wheels and venture capitalists, which greatly enhanced the operation’s apparent credibility.

The bait was irresistible: discounts of up to 50% on allocations of high-demand altcoins like Apto, SEI, SWELL, and other promising cryptocurrencies. To investors, it seemed like an incredible opportunity for privileged access with high financial returns.

The Ponzi Scheme Cycle: From November 2024 to June 2025

The timeline reveals the classic pattern of a pyramid fraud. Everything proceeded normally from November 2024 to January 2025, when early investors received real returns, creating a cycle of validation and trust.

Over time, more people joined the scheme as enthusiastic members promoted the extraordinary profits supposedly being made. This dynamic fueled the expansion of the scam on Telegram, attracting increasing capital. However, behind this facade, a classic Ponzi scheme was operating: the returns from new investors funded payments to earlier participants.

In May 2025, warning signs began to emerge but were largely ignored by most. Investors who were making money had no incentive to question the model. Finally, in June 2025, the scheme collapsed when token distribution abruptly ceased. Operators disappeared, offering superficial excuses about international travel and exchange issues until the scam was fully exposed.

On June 19, 2025, Aza Ventures, one of the main affected brokers, publicly revealed they had been victims of fraud. The investigation identified “Source 1” as the operator of the Ponzi scheme. Subsequently, other related fraudulent businesses were identified, confirming a global crypto scam operation worth $50 million.

Who’s Behind It: The Exposure of Ravinder Kumar

Aza Ventures initially kept the fraudster’s identity confidential, arguing that this offered the best chance of recovering invested funds. However, blockchain experts like Altcoin Alpha and Crypto Sleith conducted independent analyses and pointed to Ravinder Kumar, founder of Self Chain, as the alleged responsible party for the Telegram scam.

Notably, Kumar categorically denied the accusations and promised to issue a clarifying statement to the community soon. However, so far, no significant update has been provided. The lack of transparent response has only fueled suspicions within the crypto community.

Security Context and Involved Coins

This incident is not isolated in the crypto security incident calendar. During the same period, Iranian exchange Nobitex was targeted by a hacker attack, illustrating how the industry faces multiple threats simultaneously. Regarding the assets used as bait in the Telegram scam:

• SUI: Currently trading at $0.95, with a +0.36% change in 24 hours
• NEAR: Trading at $1.29, down -1.38% in the last 24 hours
• SEI: Trading at $0.06

Critical Lessons and Security Recommendations

The case illustrates a worrying pattern: initial greed masks warning signs. When profits are real in early stages, investors and even industry professionals often ignore inconsistencies. Endorsements from seemingly reputable figures dramatically amplify a scammer’s ability to gain trust.

To protect against similar scams, it is essential to: independently verify the legitimacy of intermediaries, be suspicious of offers with extraordinary discounts without market justification, closely monitor the distribution of promised tokens, and recognize that Ponzi schemes always collapse when new investments dry up. The $50 million Telegram scam remains a crucial reminder that not all “privileged access” opportunities are genuine.