Self Chain CEO Dismissed Amid $50 Million OTC Scam Allegations

Blockchain project Self Chain has removed founder Ravindra Kumar from his role as CEO following a scandal involving a $50 million fraud.

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…

— Self Chain (@selfchainxyz) June 23, 2025

“Due to recent developments that diverge from the foundational principles of Self Chain, we are initiating a decisive leadership change,” the statement said.

According to an investigation published by Altcoin Alpha, since November 2024, investors were offered opportunities to purchase tokens of projects like Aptos, Sei, Swell, Coti, Kava, and others at favorable terms through Telegram groups. Discounts on assets locked in vesting for four to five months reached 50%.

On June 19, the head of the Indian OTC platform Aza Ventures, Mohammed Wasim, admitted that his firm had unwittingly facilitated dozens of fraudulent transactions. The fake sales turned out to be a Ponzi scheme, orchestrated by a long-time acquaintance acting as a token dealer. The entrepreneur did not disclose his identity, citing negotiations to return funds to affected buyers.

User comments hinted at “looking for an Indian founder of a project listed on Binance.” Indirect confirmation of Kumar’s involvement in the scam was considered by the community to be his post on X:

“I have been accused of a serious offense, which is a complete lie. We are working with the legal team on a statement to resolve this issue.”

Researchers reported that “dozens of investors” were affected by the fraudulent scheme, with most investments exceeding $1 million.

“Ravindra Kumar’s role as CEO is officially terminated. He will no longer hold any position, bear responsibility, or be associated with Self Chain in any capacity in the future,” the crypto company emphasized.

According to the statement, the project will continue building a community-driven first-layer blockchain and move towards creating a DAO.

Regarding the development of Self Chain, users in the comments noted the number of commits on GitHub, which does not even reach ten. 

“This is much better than 75% of the projects you will find on Binance. Check for yourself,” wrote one of the commenters in response. 

The price of the Self Chain token (SLF) fell from around ~$0.13 on June 18 to levels near $0.085. The asset is trading almost 90% below its all-time high recorded in August 2024. The market capitalization stands at $14.3 million.

Previously, experts attributed the collapse of popular tokens on Binance Alpha, such as Polyhedra Network (ZKJ) and 48 Club Token (KOGE), to an orchestrated whale dump.