- Self Chain has fired CEO Ravindra Kumar after he was accused of orchestrating a $50 million OTC crypto scam
- Kumar has denied any wrongdoing, saying the allegations are “completely false” and that he is preparing a legal response
- The SLF token has plunged in value, and the project has moved quickly to distance itself from the alleged fraud
Self Chain has abruptly cut ties with its CEO Ravindra Kumar following serious accusations that he ran a $50 million over-the-counter crypto scam. While Kumar insists the claims are baseless and plans to respond legally, the company is working to limit the damage. With the SLF token already suffering sharp losses, Self Chain has stated that the alleged deals were never officially sanctioned by the project and that Kumar was working alone.
“We Have 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 broker in a series of fraudulent OTC crypto trades arranged through Telegram. These trades, involving tokens from high-profile projects like Sui, Near, and Axelar, initially seemed legitimate but reportedly evolved into what Waseem described as “Ponzi schemes.”
Waseem said his firm originally believed they were facilitating real deals, but buyers eventually stopped receiving the tokens they paid for. As complaints mounted, all signs allegedly pointed back to a single individual known only as “Source 1,” whom Waseem later identified as Ravindra Kumar. Waseem informed his clients, “We have been scammed,” filed a police report in India and prepared to reimburse affected investors.
Self Chain Distances Itself From Kumar’s Actions
On Monday, Self Chain announced that Kumar would “no longer hold any position, responsibility, or association with Self Chain in any capacity,” denying that it had any part to play in the scam deal. It also published a lengthy tweet thread where it announced a reorganisation:
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
In a statement on X, Kumar himself said, “I’ve been accused of serious wrongdoing, which is completely false. My legal team and I are working on a statement to address this matter.” Shortly after, he removed all references to his CEO title from his profile and shared the company’s own statement confirming his departure, a move that seemed to acknowledge the severity of the situation even while denying guilt.
In the wake of the scandal, Self Chain’s token SLF has plummeted by more than 35% in under a week before showing signs of recovery after the leadership change. The project now says it is planning a shift to a more decentralized governance model in an effort to reassure investors and rebuild trust. Meanwhile, Aza Ventures has pledged to refund those impacted, calling the experience a harsh lesson in crypto due diligence.
