Self Chain founder denies involvement in $50 million OTC cryptocurrency fraud

Odaily Planet Daily News: Self Chain founder Ravindra Kumar has recently been accused of involvement in a $50 million over-the-counter crypto fraud, allegedly defrauding investors through fake token transactions. Kumar firmly denied the allegations on the X platform, calling them "completely unfounded" and stating that his legal team is preparing a response statement. The fraud involves over-the-counter token trading of several prominent projects including Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian over-the-counter broker Aza Ventures, revealed that his company unintentionally facilitated dozens of fraudulent transactions over several months. While initial transactions were genuine, they later evolved into a Ponzi scheme, with the seller using the codename "Source 1" and implementing fraud through delayed token delivery. Waseem claimed he has contacted Indian authorities and promised to refund defrauded investors, but his personal funds have been exhausted due to advance payments. Currently, "Source 1" promises to begin returning funds by the end of June. Notably, before the fraud was exposed, multiple industry figures including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu had repeatedly warned about the existence of fake over-the-counter trades. (DL News)