- Ravindra Kumar removed as CEO amid fraud claims.
- Self Chain distances itself from alleged OTC scams.
- $SLF token sees a sharp price decline.
Ravindra Kumar, the CEO of Self Chain, has been dismissed after accusations of leading a $50 million fraud emerged, involving over-the-counter crypto trades. The company announced this action on June 23, 2025, through its official social media channels.
Self Chain’s dismissal of its CEO adds turmoil to the crypto market as it untangles fraud claims involving over-the-counter trades, deeply impacting investor confidence.
Ravindra Kumar, founder and public figure of Self Chain, was removed after accusations surfaced about orchestrating fraudulent crypto trades valued at $50 million. Numerous offers involved discounted tokens via Telegram. This fraud mirrors previous Ponzi schemes seen in the OTC market.
Self Chain (@selfchainxyz), Company: “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.”
Self Chain has denied any connection to the alleged trades, emphasizing that no founding members were authorized to conduct OTC deals. Mohammed Waseem, CEO of Aza Ventures, confirmed his firm’s involvement in mediating these trades, but initially refrained from naming Kumar directly.
Following the allegations, Self Chain’s native token, $SLF, experienced a 35.9% drop, indicating a significant impact on investor trust and market liquidity. Historical fraud parallels suggest lasting consequences on project credibility and token value.
The financial implications extend beyond Self Chain, affecting GRT, APT, and SUI tokens. Regulators have yet to respond publicly, but community sentiment and investor concerns may pressure for action. Experts point out the risks this poses to overall blockchain project confidence.
Potential outcomes include increased scrutiny on OTC trades and tighter regulatory policies. Historical scams indicate that fraudulent activities can lead to tougher market conditions. Analysts will closely monitor ongoing developments and investor reactions in this volatile environment.
