TL;DR
- Aza Ventures, posing as a Tier-4 crypto VC fund, orchestrated a fake OTC altcoin operation, misleading investors with discounted token deals and vesting schedules.
- Over $50 million were siphoned from retail traders, whales, and even seasoned influencers.
- Authorities and exchanges have been alerted, with recovery efforts underway.
As cryptocurrency markets continued to attract renewed interest in late 2024, a Telegram-based OTC scheme operated under the name Aza Ventures managed to deceive a wide swath of crypto participants. Promoting itself as a legitimate venture capital entity, Aza Ventures ran coordinated token sale campaigns from November 2024 to early June 2025, promising discounted allocations for high-profile altcoins in exchange for upfront capital. The operation also leveraged social engineering tactics and consistent communication to maintain investor confidence over time.
Buyers were promised well-known tokens like The Graph, Aptos, and SUI at 30–50% discounts, with structured vesting terms that appeared standard for early-stage investments. Blockchain explorers confirmed the existence of token wallets, giving a false sense of legitimacy. The scams gained traction rapidly among retail investors and crypto insiders, some of whom vouched for the deal flow due to earlier partial deliveries. Reports suggest that even some DeFi-focused funds were briefly enticed by the promise of exclusive allocations.
Trust Built On Trendy Tokens With Real Liquidity
What made Aza Ventures unusually convincing was its selection of tokens. Unlike typical scams involving meme coins or unverified contracts, this operation listed trending tokens with genuine liquidity and social presence: Wormhole, Celestia, Axelar, Arkham, and more. These choices hinted at insider access and real partnerships, which misled even experienced market participants. Additionally, subtle engagement from known KOLs and silent investors gave further legitimacy to the operation.
New Investigations Tie Scammer To Existing Crypto Project
In recent developments, suspicions have turned toward a figure referred to only as “Source 1,” who has now vanished from the Aza Ventures OTC channel. While the admin has declined to reveal their identity, it’s alleged that this individual is also tied to a Binance-listed project. One suspect, Ravindra Kumar of Self Chain (formerly Frontier), publicly denied involvement after speculation surfaced online.
The scam’s unraveling raises new questions about the ease with which bad actors can blend into crypto’s fast-moving OTC landscape. Still, the broader crypto sector continues building, learning from each breach. As exchanges freeze assets and victims pursue restitution, the episode reinforces the importance of trust systems and on-chain transparency.
