Odaily Planet Daily News: Self Chain founder Ravindra Kumar has recently been accused of participating in an off-exchange cryptocurrency scam worth 50 million dollars, defrauding investors through fake token transactions. Kumar issued a statement on the X platform firmly denying the allegations, stating that the related accusations are 'completely unfounded' and that his legal team is preparing to draft a response statement. This scam involves off-exchange trading of tokens from several well-known projects, including Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian off-exchange broker Aza Ventures, revealed that his company has inadvertently facilitated dozens of fraudulent transactions over the past few months. Although the initial transactions were legitimate, they later evolved into a Ponzi scheme, with the seller using the code name 'Source 1' to implement the fraud through delayed token delivery. 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 begin refunding 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 off-exchange trading. (DL News)