Ravindra Kumar, the CEO of Self Chain, was terminated on June 23, 2025, due to allegations of orchestrating a $50 million over-the-counter fraud.
Dismissal of CEO
CEO Ravindra Kumar was dismissed on June 23, 2025, amid fraud allegations. His termination marks a significant shift for the company amid growing investor distrust.
Allegations and Consequences
Kumar was accused of orchestrating a scheme involving discounted tokens such as GRT, APT, and SUI. While he denied wrongdoing and promised legal action, Self Chain severed all ties with him. These allegations raised concerns among investors and led to market volatility affecting trading activities of the involved tokens.
Future of Self Chain
The leadership change at Self Chain aims to restore trust following the scandal. However, overcoming the fallout from these allegations may take time and require new strategies. The company's future will largely depend on legal outcomes and potential regulatory scrutiny.
The situation with Ravindra Kumar underscores potential vulnerabilities in blockchain governance and oversight. The leadership change is a step toward rebuilding trust, but the consequences of the allegations may linger.
