Discovering out Time: 2 minutes
- Self Chain has fired CEO Ravindra Kumar after he used to be accused of orchestrating a $50 million OTC crypto rip-off
- Kumar has denied any wrongdoing, announcing the allegations are “entirely false” and that he is making ready an moral response
- The SLF token has plunged in tag, and the mission has moved fleet to distance itself from the alleged fraud
Self Chain has unexpectedly reduce ties with its CEO Ravindra Kumar following serious accusations that he ran a $50 million over-the-counter crypto rip-off. While Kumar insists the claims are baseless and plans to acknowledge legally, the company is working to restrict the hurt. With the SLF token already struggling engaging losses, Self Chain has stated that the alleged presents had been never formally sanctioned by the mission and that Kumar used to be working on my own.
“We Possess Been Scammed”
Self Chain’s bombshell dropped following accusations from Mohammed Waseem, CEO of Aza Ventures, who alleged that Kumar had acted as a shadow dealer in a series of pretend OTC crypto trades arranged thru Telegram. These trades, appealing tokens from excessive-profile initiatives relish Sui, Shut to, and Axelar, before every part gave the impact legitimate but reportedly evolved into what Waseem described as “Ponzi schemes.”
Waseem mentioned his firm within the starting put believed they had been facilitating staunch presents, but investors at closing stopped receiving the tokens they paid for. As complaints mounted, all indicators allegedly pointed succor to a single particular person identified handiest as “Offer 1,” whom Waseem later identified as Ravindra Kumar. Waseem informed his clients, “We had been scammed,” filed a police suppose in India and ready to reimburse affected investors.
Self Chain Distances Itself From Kumar’s Actions
On Monday, Self Chain presented that Kumar would “no longer handle anyplace, accountability, or affiliation with Self Chain in any capacity,” denying that it had any section to play within the rip-off deal. It also revealed a prolonged tweet thread the put it presented a reorganisation:
Self Chain Governance Replace
Attributable to fresh traits that diverge from the founding vision of Self Chain, we are initiating a decisive leadership transition that reinforces our prolonged-time-frame vision.
This marks a critical step in realigning Self Chain with its core principles…
— Self Chain (@selfchainxyz) June 23, 2025
In a assertion on X, Kumar himself mentioned, “I’ve been accused of mighty wrongdoing, which is entirely false. My moral crew and I are engaged on an announcement to handle this matter.” Quickly after, he removed all references to his CEO title from his profile and shared the company’s possess assertion confirming his departure, a lunge that gave the impact to acknowledge the severity of the subject even while denying guilt.
In the wake of the scandal, Self Chain’s token SLF has plummeted by bigger than 35% in under per week ahead of displaying indicators of restoration after the leadership change. The mission now says it is far planning a shift to a extra decentralized governance model so to reassure investors and rebuild believe. In the period in-between, Aza Ventures has pledged to refund these impacted, calling the skills a harsh lesson in crypto due diligence.
