Self Chain announced the removal of founder Ravindra Kumar from the CEO position due to his alleged involvement in a $50 million OTC Trading fraud scheme. The eyeglass has been selling low-priced Tokens since last November and has evolved into a Ponzi structure. Kumar denies the allegations, and the project party has severed ties with him.

According to a message from ChainCatcher, The Block reported that the blockchain project Self Chain has removed founder Ravindra Kumar from the position of CEO, after users accused him of orchestrating a fraud scheme that lasted for several months and involved more than $50 million. Self Chain issued a statement announcing a "decisive leadership change" following allegations that Kumar was involved in off-exchange trading fraud. Previously, Kumar denied all allegations, stating that they are "completely false" and that his lawyer will respond.

The blockchain project Self Chain dismissed founder Ravindra Kumar from his position as CEO on June 23, due to his alleged involvement in a fraud scheme involving more than $50 million. Self Chain announced a leadership change, while Kumar denied all accusations and stated that he would respond through his lawyer.

PANews June 20 news, according to DL News, Self Chain founder Ravindra Kumar has recently been accused of being involved in an off-exchange encryption eyecatch worth $50 million, defrauding investors through fake Token trading. Kumar made a statement on the X platform denying the allegations, stating that the relevant accusations are "completely false," and that his legal team is preparing to draft a response statement. This eyewash involves the off-exchange trading of Tokens from several well-known projects such as Sui, Near, Axelar, and Sei. The CEO of the Indian off-exchange broker Aza Ventures, Mohammed

Odaily Star Daily News The intention-centered modular Layer1 Block chain Self Chain announced that the governance website has been launched, SLF

The Self Chain team has expanded from the Wallet project to a Layer 1 blockchain based on Cosmos-SDK, and recently attracted attention due to the increase in Token supply. Founder Ravindra Kumar stated that the increase in supply is to enhance network security, prevent attacks, and attract more investors and validators to participate. The total Token supply is 360 million, allocated to foundation Node, investors, equity investors, core team, and ecosystem.