According to Chain Catcher and reported by DL News, Ravindra Kumar, founder of Self Chain, has recently been accused of being involved in an over-the-counter cryptocurrency scam worth $50 million, defrauding investors through fake token transactions. Kumar issued a statement on X platform strongly denying the allegations, stating that the claims are 'completely false,' and that his legal team is preparing to draft a response statement.
This scam involves the over-the-counter trading of tokens from several well-known projects, including 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. While the initial transactions were legitimate, they later evolved into a Ponzi scheme, with the seller using 'Source 1' as a codename and executing fraud through delayed token delivery. Waseem claims to have contacted Indian authorities and promised to refund deceived 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 scam was exposed, several industry figures, including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu, had repeatedly warned about the existence of fake over-the-counter trades.
