Recently, the Self Chain project found itself at the center of a scandal following accusations against its CEO Ravindra Kumar of orchestrating a $50 million fraud.
Fraud Allegations
Ravindra Kumar is accused of being involved in an unauthorized OTC scheme that led to a $50 million loss for investors. Despite his denials, this information has sparked widespread discussion in various communities.
Kumar's Dismissal and Leadership Update
Self Chain announced on platform X that the project leadership is taking steps for a transition and has terminated Kumar’s role as CEO. "Ravindra Kumar has been formally dismissed. He will no longer hold any positions or associations with Self Chain," the statement read.
Response to Allegations
In response to the allegations, Kumar stated that they are 'completely false' and he is working on an official statement regarding the matter. The Self Chain team also confirmed that no founding members were authorized to engage in such deals, emphasizing that the accusations are unrelated to the current work of the company.
The situation with Self Chain highlights the importance of financial transparency and accountability in the crypto industry, which may have long-term implications for the project's reputation.
