Self Chain has dismissed CEO Ravindra Kumar following serious allegations of involvement in a large-scale fraud scheme in the cryptocurrency market.
This is reported by Business • Media
Management Update and Shift to Decentralization
The Self Chain team officially announced the removal of Ravindra Kumar from the CEO position. He will no longer participate in the project and has been stripped of all functions. This decision is part of a major reorganization aimed at returning to the platform’s core principles: transparency, decentralized governance, and community focus.
In a statement, Self Chain emphasized that none of the founders had the authority to conduct over-the-counter (OTC) transactions with the SLF token. All such transactions that appeared in the market were not approved or sanctioned by the team.
“None of the founders of Self Chain have ever been authorized to participate in OTC deals involving the SLF token. Any other deals circulating in the market have not been officially approved or sanctioned by the team in any way.”
Investigation into Ponzi Scheme in the OTC Market
Journalists uncovered that a large Ponzi scheme was operating in the OTC cryptocurrency market, linked to Telegram brokers. The fraudsters offered investors the opportunity to purchase GRT, APT, SEI, SUI, and NEAR tokens at artificially low prices. Payments to old investors were made using funds from new investors, allowing the scammers to raise approximately $50 million.
CEO of Aza Ventures, Mohammed Wasim, reported that his company fell victim to this scheme. According to Wasim, a broker using the pseudonym Source 1 played a key role in the fraud, who previously engaged in legitimate operations. There are now suspicions that Ravindra Kumar, the former CEO of Self Chain, was operating under this alias. Kumar has categorically denied any involvement in the scam.
Wasim also stated that Source 1 promised to compensate all losses to the victims by the end of the current month. If the promised compensation is not paid, the identity of the fraudster will be publicly revealed.
Self Chain emphasized that the project will now transition to a decentralized governance model to ensure maximum transparency and protect the interests of the community.
It was previously reported that hardware wallet manufacturer Trezor warned users about a new wave of phishing attacks targeting owners of their devices.