The CEO of Binance-listed Layer 1 blockchain project Self Chain, Ravindra Kumar, has been accused of orchestrating a staggering $50 million over-the-counter (OTC) fraud conducted via Telegram.
Following the accusations, Self Chain revealed in a latest post on X that they have taken steps in the leadership transition and terminated Kumar’s role as CEO, and he will now no longer hold any positions in the company.
“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,” the announcement said.
The accusations against Kumar emphasize that he was connected to an unauthorized OTC scheme that defrauded investors of $50 million. Though Kumar has denied such allegations and said that those are “completely false.”
Despite his denials, the Self Chain team clarified in a follow-up post that no founding members were ever authorized to engage in such deals, distancing the project from the controversy. “Any other deals circulating in the market have not been officially approved or sanctioned by the team in any way whatsoever,” they said.
The statement emphasized that the accusations against the former CEO are unrelated to the ongoing work or direction of Self Chain.
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