Self Chain Removes CEO Amid $50M Over‑the‑Counter Fraud Allegations

Blockchain project Self Chain has ousted its CEO, Ravindra Kumar, following serious allegations of involvement in a $50 million over-the-counter (OTC) crypto fraud.

What Happened?

Kumar is accused of orchestrating a large-scale fraud that defrauded investors via Telegram. The scheme allegedly involved fake OTC trades of tokens tied to reputable projects such as Sui, Near, Axelar, and Sei.

Industry figures, including Mysten Labs co-founder Adeniyi Abiodun, flagged down the suspicious OTC trading patterns well before the allegations became public. These early warnings highlighted concerns about the fraudulent OTC activity surrounding Self Chain.

Mohammed Waseem, CEO of Indian over-the-counter broker Aza Ventures, revealed that his company had inadvertently facilitated dozens of fraudulent transactions. These occurred over the past few months.

He highlighted that initially, the transactions were genuine, but they later evolved into a Ponzi scheme. He also claimed that the seller used the code name “Source 1” to commit fraud by delaying the delivery of tokens. Kumar was later identified as this seller.

Waseem also stated that he had contacted the Indian authorities and promised to refund the deceived investors. However, he revealed that his personal funds had been exhausted due to advance payments.

In response to the claims, Kumar issued a statement on X, firmly denying the allegations and calling them “completely false.” He added that the legal team was working on an official response.

Self Chain Ousts CEO

In an announcement on Monday, Self Chain’s board revealed that it has officially removed Kumar as CEO. Additionally, Kumar will not hold any position, responsibility, or association with Self Chain in any capacity going forward. This move reflects a complete leadership shake-up aimed at containing the fallout and reinforcing its long-term vision.

“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. 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,” the project stated.

Moreover, Self Chain disclosed that it is actively working toward becoming a fully decentralized autonomous organization (DAO). The project noted that governance mechanisms are already in motion to enable transparent, protocol-governed, community-led decision-making.

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