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Fake VC Fund Aza Ventures Exposed in Massive OTC Altcoin Scam
As cryptocurrency markets continued to attract renewed interest late in 2024, a Telegram-based OTC scheme operated under the name Aza Ventures successfully deceived a wide range of crypto participants. Pretending to be a Tier-4 crypto venture capital fund, Aza Ventures orchestrated an elaborate fake over-the-counter altcoin operation that promised discounted token deals and vesting schedules.
In a shocking revelation, it has been discovered that Aza Ventures, posing as a legitimate venture capital entity, conducted a massive OTC altcoin scam, duping investors of a staggering $50 million. This heinous crime targeted both retail traders and whales alike, as well as seasoned influencers who were enticed by the promise of exclusive allocations.
What made this scam so convincing was Aza Ventures’ selection of tokens from popular categories with genuine liquidity and social presence, such as Wormhole, Celestia, Axelar, Arkham, and other projects. These choices not only hinted at insider access but also gave credibility to their operation, misdirecting even the most experienced market participants.
Furthermore, subtle interactions with known Key Opinion Leaders (KOLs) and silent investors provided further legitimacy to this OTC scam.
Source: crypto-economy.com
