The founder of the cryptocurrency project Self Chain, Ravindra Kumar, categorically denies his involvement in the $50 million OTC (over-the-counter) fraud scheme, through which investors lost up to $50 million. According to recent reports, the accusations surfaced after suspicious transactions linked to the platform were discovered. Kumar claims that his team has no connection to the fraud, calling it an attempt to discredit the project.
Self Chain, focused on decentralized financial solutions, has attracted attention due to its innovative approaches to blockchain technology. However, the incident raised doubts among investors, who are already concerned about the rise of crypto crimes. According to unconfirmed reports, the scheme may have involved manipulations with assets on the over-the-counter market, but no official investigation has been made public yet.
Experts note that such cases undermine trust in the crypto industry, especially following a wave of recent scandals. Kumar has called for an independent investigation to clear the project's reputation. Against this backdrop, the price of the Self Chain token has experienced a sharp decline, losing over 15% in a day.
Will the founder be able to prove his innocence? The case remains open, and the crypto community is closely monitoring the developments.
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