The blockchain project Self Chain announced the firing of CEO Ravindra Kumar after allegations emerged regarding his involvement in a fraudulent scheme with losses of $50 million. Representatives of Self Chain emphasized that Kumar no longer has any connection to the company and does not perform any managerial functions.
This is reported by Finway
Management Reorganization and New Direction
As part of a major overhaul of its management structure, Self Chain announced a shift to a decentralized governance model. According to the team, the main objective is to return to “core principles” — transparency, decentralization, and community-focused development.
“None of the founders of Self Chain ever had the authority to engage in OTC transactions with the SLF token. All other transactions occurring in the market were not officially approved or endorsed by the team in any way.”
Crypto Market Fraud Scandal
Journalists uncovered a Ponzi scheme linked to brokers on Telegram, who promised to sell GRT, APT, SEI, SUI, and NEAR tokens at undervalued prices. According to the investigation, old investors were paid returns from new deposits, leading to losses in the tens of millions of dollars. Ravindra Kumar is suspected of being involved in this scheme, allegedly operating under the pseudonym Source 1.
The CEO of Aza Ventures, Mohammed Waseem, whose project was affected by the fraudsters, reported that broker Source 1 had previously conducted legitimate transactions, but suspicions later arose regarding his involvement in the schemes. Kumar, in response, denies his participation in the scheme.
Additionally, Waseem noted that Source 1 promised to compensate the victims for their losses by the end of June. If this does not happen, his name will be made public.
Self Chain confirmed that none of the founders had the right to enter into OTC transactions with the SLF token, and all such operations in the market were not sanctioned by the company.