Recent news of Ravindra Kumar's termination from blockchain startup Self Chain has emerged amid allegations of cryptocurrency fraud. This article examines the details of this incident and its implications.
Allegations and Termination
Ravindra Kumar has been removed from his position as CEO of Self Chain after being linked to a fraudulent scheme that reportedly defrauded investors of over $50 million. The project's team announced Kumar's termination on Monday, citing his 'alleged involvement' in the operation. 'He will no longer hold any position, responsibility, or association with Self Chain,' the team stated in a post on X.
Details of the Alleged Fraud
The alleged fraud traces back to late 2023 when brokers began offering deep-discount token sales via Telegram, promising access to assets such as GRT, APT, SEI, and SUI. However, by May, payouts stopped, and the operation resembled a Ponzi scheme. Adeniyi Abiodun, co-founder of Mysten Labs, publicly warned at the time that no such SUI deals existed, urging people to 'stop falling for Telegram scammers selling you OTC deals.'
Reactions and Consequences
At the heart of the operation was an OTC desk called Aza Ventures. Its CEO, Mohammed Waseem, indicated that the scheme started with legitimate deals but eventually devolved into fraud. Numerous reports have linked Kumar to a broker known as 'Source 1,' which he denies. Waseem claimed he is working with authorities and insisted he is not walking away from the situation. Critics argue that red flags were ignored, with SmokeyTheBera, a pseudonymous founder of Berachain, stating he warned Aza Ventures earlier this year, but his concerns were dismissed.
The removal of Ravindra Kumar from Self Chain raises questions about risks and accountability in cryptocurrency dealings. The situation is still developing, and it remains unclear how the project plans to move forward.
