The Self Chain blockchain project removed the founder Ravindra Kumar from the duties of the General Director against the background of a scandal with fraud of $ 50 million.
Self Chain Governance Update
Due to Recent Development that Diverge from the Founding Vision of Self Chain, We are inining a decisive leadership examination that Reinforces OUR LONG-TERM VISION.
This Marks An Important STEP In Realigning Self Chain with Its Core Principles …
– Self Chain (@selfchainxyz) June 23, 2025
According to the investigation published by Altcoin Alpha, since November 2024, investors through Telegram groups offered the possibilities of over-the-term purchase of projects tokens like Aptos, SEI, SWLL, COTI, KAVA and others on favorable terms. Discounts on Vesting for four to five months Assets reached 50%.
On June 19, the head of the Indian OTC platform Aza Ventures, Mohammed Vasim, admitted that his company involuntarily helped dozens of fraudulent transactions. Fake sales turned out to be a Ponzi scheme, and its organizer was a long -standing acquaintance who acted as a dealer of Tokenov. The entrepreneur did not reveal his identity, referring to negotiations on the return of funds to injured customers.
In the comments of users, certain hints like “look for an Indian founder of the project that quoted on Binance” sounded. Indirect confirmation of Kumar’s involvement in the bench in the community considered his post in X:
According to researchers, “dozens of investors” suffered in a fraudulent scheme. The majority investments exceeded $ 1 million.
According to the statement, the project will continue to build a first -level blockchain controlled by a community and movement to create a Tao.
Regarding the development of Self Chain, users in the comments drew attention to the number of commits on GitHub, which does not reach ten.
The price of the Self Chain (SLF) token from $ 0.13 to June 18 collapsed to marks near $ 0.085. The asset is traded almost 90% lower than the historical maximum recorded in August 2024. Capitalization is $ 14.3 million.
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Source: Cryptocurrency
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