Layer-1 blockchain Self Chain has officially removed CEO Ravindra Kumar after serious allegations tied him to a $50 million over-the-counter (OTC) crypto scam involving multiple parties, including Aza Ventures.
Scam Allegations Trigger Executive Ouster
The controversy erupted on Friday when Aza Ventures, a blockchain investment firm, alleged on Telegram that Kumar was involved in unauthorized OTC deals totaling approximately $50 million. These claims quickly gained traction, prompting Self Chain to act swiftly.
On Monday, the project posted a public update stating:
“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 company also clarified that no founding team members were ever authorized to engage in OTC transactions involving Self Chain’s token, $SLF, and that any such deals were not officially sanctioned.
Ravindra Kumar Denies All Charges
Kumar responded shortly after the allegations surfaced, saying:
“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.”
He has since removed “CEO of Self Chain” from his social media bio and retweeted the project’s official statement announcing his termination.
OTC deals, or over-the-counter transactions, often occur off-exchange to avoid slippage on large trades. These deals can involve significant trust and risk, particularly when intermediaries are used without institutional oversight.
SLF Token Plunges Amid Uncertainty
The market reaction has been sharp. $SLF has dropped 35.9% over the past week, according to Binance trading data. The sell-off reflects shaken investor confidence and rising concerns about the project’s internal governance.
Despite the turmoil, Self Chain maintains that it remains committed to transparency and rebuilding trust with its community. The team emphasized that any third-party deals circulating in the market were not endorsed or initiated by the company.
Looking Ahead
While Kumar continues to deny any wrongdoing, the situation has cast a shadow over Self Chain’s leadership and token stability. Investors and industry watchers will closely monitor the legal fallout and how the project recovers in the coming weeks.
The outcome could set a precedent for how decentralized projects handle executive-level scandals tied to off-chain financial activities.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.