Self Chain fires founder after $50 million scam allegations
On June 19, a company called Aza Ventures published allegations on Telegram that they had been scammed by someone promising to facilitate OTC sales of steeply discounted tokens for projects like SUI and NEAR. They claimed they had discovered the whole scheme was a Ponzi.Aza Ventures was initially hesitant to name the scammer, hoping they could pressure the scammer to return the stolen funds, but later reports quickly named Self Chain founder Ravindra Kumar as the alleged culprit. Kumar posted on June 19, "I've been accused of serious wrongdoing, which is completely false."On June 23, Self Chain announced that they had terminated Kumar as CEO "due to recent developments that diverge from the founding vision". "Self Chain Ousts CEO Ravindra Kumar After $50M OTC Scam Allegations" , CoinDesk Tweet by Ravindra Kumar Tweet thread by Self Chain
On June 19, a company called Aza Ventures published allegations on Telegram that they had been scammed by someone promising to facilitate OTC sales of steeply discounted tokens for projects like SUI and NEAR. They claimed they had discovered the whole scheme was a Ponzi.
Aza Ventures was initially hesitant to name the scammer, hoping they could pressure the scammer to return the stolen funds, but later reports quickly named Self Chain founder Ravindra Kumar as the alleged culprit. Kumar posted on June 19, "I've been accused of serious wrongdoing, which is completely false."
On June 23, Self Chain announced that they had terminated Kumar as CEO "due to recent developments that diverge from the founding vision".
