Self Chain founder denies involvement in a $50 million over-the-counter Crypto Assets fraud case.

PANews reported on June 20 that Ravindra Kumar, founder of Self Chain, has recently been accused of participating in an $50 million off-exchange encryption eyewash, where he allegedly defrauded investors through false Token transactions. Kumar issued a statement on the X platform firmly denying the allegations, stating that the accusations are “completely untrue” and that his legal team is preparing to draft a response statement. This eyeglass involves the over-the-counter trading of tokens from several well-known projects such as Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian brokerage Aza Ventures, revealed that his company inadvertently facilitated dozens of fraudulent transactions over the past few months. Although the initial transactions were genuine, they later evolved into a Ponzi scheme, where the seller, codenamed ‘Source 1’, carried out the scam by delaying the delivery of tokens. Waseem claims to have contacted Indian authorities and promised to refund the scammed investors, but his personal funds have been depleted due to advances. Currently, ‘Source 1’ has promised to start returning funds by the end of June. Notably, before the eyeglass was exposed, several industry figures, including Adeniyi Abiodun, co-founder of Mysten Labs, and Lucian Mincu, co-founder of MultiversX, had repeatedly warned of false over-the-counter trading.