Self Chain Ousts CEO Amid Allegations of Involvement in $50M OTC Scam

Self Chain has ousted CEO Ravindra Kumar amid allegations of his involvement in a $50 million OTC scam related to Aza Ventures. Kumar denies any wrongdoing and has a legal team preparing a response. Following these allegations, the Self Chain token (SLF) has dropped 35.9%. Self Chain has stated that no founding members were authorized to engage in any such dealings.

Layer-1 blockchain Self Chain has made headlines recently by terminating its CEO Ravindra Kumar amid serious allegations connected to a $50 million over-the-counter (OTC) scam. The claims surfaced on Friday, linking Kumar to dubious transactions involving companies like Aza Ventures, which announced the allegations via a Telegram post.

Kumar has firmly denied any wrongdoing, calling the accusations completely false. He assured the public his legal team is preparing a proper response and urged followers to stay updated on the developments. “I’ve been accused of serious wrongdoing, which is completely false,” he stated in response to the allegations.

In the wake of this controversy, Self Chain’s token (SLF) has taken a noticeable downturn, plunging by 35.9% over the last week. The price drop can largely be attributed to the uncertainty surrounding Kumar and the company’s alleged ties to unauthorized OTC transactions. Self Chain aims to assure the market by clarifying its position.

In a tweet from Monday, Self Chain officially announced Kumar’s termination, stating he would no longer play any role or hold any association with the company moving forward. “Ravindra Kumar’s role as CEO has been formally terminated,” the company tweeted, emphasising the fact that none of its founding members are authorized to engage in OTC deals involving the SLF token.

Self Chain also reiterated that any deals currently circulating in the market have neither been approved nor sanctioned by its team, clearly attempting to distance itself from any illegal activity. Following the backlash, Kumar retweeted Self Chain’s announcement and has since removed any acknowledgment of his role as CEO from his social media profiles.

The lack of confidence in the company is evident as the token’s trading on Binance has suffered significantly. As the situation continues to unfold, industry watchers remain curious about the next steps for both Kumar and Self Chain. With the legal battle looming, updates from both sides will likely dictate the market’s response in the coming weeks.