The founder of Self Chain denies involvement in an over-the-counter cryptocurrency fraud case worth 50 million USD.

Odaily Planet Daily reports that Self Chain founder Ravindra Kumar was recently accused of involvement in an over-the-counter (OTC) crypto scam worth 50 million USD, defrauding investors through fake token transactions. Kumar firmly denied the allegations in a statement on the X platform, calling the accusations "completely unfounded," and stated that his legal team is preparing a response statement. This scam involved OTC trades of tokens from multiple well-known projects such as Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian OTC broker Aza Ventures, revealed that his company unintentionally facilitated dozens of fraudulent transactions over several months. While initial trades were genuine, they later evolved into a Ponzi scheme, with the seller operating under the codename "Source 1," committing fraud through delayed token delivery. Waseem claimed to have contacted Indian authorities and pledged to refund the deceived investors, but his personal funds have been exhausted due to advance payments. Currently, "Source 1" has promised to start returning funds by the end of June. Notably, before the scam was exposed, several industry insiders, including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu, had repeatedly warned about fake OTC trades. (DL News)