According to The Block, the blockchain project Self Chain (SLF) has officially announced the termination of Ravindra Kumar's role as CEO, who is also the project's founder. This decision was made after Ravindra Kumar was accused of involvement in a cryptocurrency transaction fraud through OTC (over-the-counter) trading, with an estimated total value exceeding $50 million.
The incident is said to have started in late 2023, when a group used the Telegram platform to sell "cheap" tokens. However, this was actually a Ponzi scheme - using later investors' money to pay earlier investors, creating an illusion of profit. This behavior not only caused significant financial damage to the investor community but also eroded trust in young Web3 projects like Self Chain.
One of the platforms suspected of being involved in the fraud is Aza Ventures, which is currently supporting the investigation. Aza Ventures confirmed that if the stolen funds are not returned, they will publicly reveal the identities of the masterminds behind this incident.
The information about Ravindra Kumar's dismissal and involvement in OTC fraud has attracted special attention from the global cryptocurrency community, especially in a context where Web3 frauds are becoming increasingly sophisticated and difficult to detect. Self Chain has not yet announced a replacement for the CEO position and has confirmed its commitment to strengthening internal governance and becoming more transparent in its future operational activities.
