Self Chain Ousts CEO Ravindra Kumar After $50M OTC Scam Allegations

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💡News Self Chain CEO Ravindra Kumar has been removed from his position due to alleged involvement in a $50000000.00+ cryptocurrency over-the-counter (OTC) trading fraud. An official statement indicated a decisive leadership change within the project. Kumar denies the allegations and is prepared to respond through legal channels. #Cryptocurrency #Blockchain https://t.co/uumGVUPuhT

Self Chain Governance Update Due to recent developments that diverge from the founding vision of Self Chain, we are initiating a decisive leadership transition that reinforces our long-term vision. This marks an important step in realigning Self Chain with its core principles of decentralization, transparency, and community-driven development. Leadership Termination Ravindra Kumar’s role as CEO has been formally terminated. He will no longer hold any position, responsibility, or association with Self Chain in any capacity going forward. Ongoing Commitment All other founding members remain fully aligned with the project’s original vision and are actively committed to building and advancing Self Chain in accordance with its core values. DAO Transition Underway Self Chain is actively progressing toward becoming a fully decentralized autonomous organization (DAO). Governance mechanisms are already in motion to enable transparent, protocol-governed, community-led decision-making. This transition marks a pivotal step in strengthening Self Chain’s foundation as a secure, community-driven Layer 1. More details on the DAO structure, future roadmap, and next steps will follow shortly.

The Daily: Blockchain project ousts CEO amid $50 million crypto OTC fraud allegations, Paradigm invests $15 million in 'world's fastest' DEX, and more

The founder of Self Chain, a Binance-listed project, has denied involvement in a crypto scam ring that fleeced investors for an estimated $50 million with phony token deals. In a post on X, Ravindra Kumar denied accusations on social media that he had sold vested allocations of various crypto tokens to investors that never existed. “I’ve been accused of serious wrongdoing, which is completely false,” Kumar said Friday. “My legal team and I are working on a statement to address this matter.”

Self Chain founder denies involvement in $50 million OTC fraud case

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