The founder of Self Chain is accused of a $50 million eyewash, but he firmly denies the allegations.

[Chain News] On June 20, it was reported that Ravindra Kumar, the founder of Self Chain, was recently accused of being involved in an eyewash worth $50 million, deceiving investors through false Token trading. Kumar released a statement on the X platform firmly denying the allegations, stating that the accusations are “completely false,” and that his legal team is preparing to draft a response statement.

The scam involved over-the-counter trading of tokens from several well-known projects such as Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian OTC broker Aza Ventures, revealed that his company had inadvertently facilitated dozens of fraudulent transactions over the past months. Although the initial transaction was genuine, it later evolved into a Ponzi scheme, with the seller using the code name “Source 1” to commit fraud by delaying the delivery of tokens. Waseem claims to have contacted the Indian authorities and promised to refund the deceived investors, but their personal funds have been depleted by advances. Source 1 is currently committed to starting to return funds by the end of June. It is worth noting that before the scam was exposed, a number of industry insiders, including Mysten Labs co-creator Adeniyi Abiodun and MultiversX co-creator Lucian Mincu, had repeatedly warned about the existence of fake OTC transactions.