Self Chain fires CEO after link to $50 million OTC scam

• Self Chain Removes CEO Over OTC Crypto Fraud
• Scheme involving SUI, GRT and APT diverted US$50 million
• Kumar denies being Source 1 in cryptocurrency scam

Self Chain has announced the resignation of its founder and former CEO, Ravindra Kumar, following allegations of involvement in an alleged fraudulent cryptocurrency over-the-counter (OTC) scheme that allegedly embezzled around $50 million from investors. The team’s official statement describes the move as a “critical leadership transition.”

“Ravindra Kumar’s role as CEO has been formally terminated. He will no longer hold any position, responsibility or association with Self Chain in any capacity in the future,” the project said via the X platform.

Self Chain Governance Update

Due to recent developments that diverge from the founding vision of Self Chain, we are initiating a decisive leadership transition 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

The charges against Kumar involve his alleged involvement in OTC trading that promised tokens such as GRT, APT, SEI and SUI at deeply discounted prices. These trades were offered through Telegram groups and attracted investors seeking early and cheap access to cryptocurrencies.

The practice resembled a classic Ponzi scheme: initial payments maintained the appearance of legitimacy, while new deposits were used to cover old promises. Even after industry warnings, such as that from Mysten Labs co-founder Adeniyi Abiodun — who declared that “there is no such thing as cheap SUI allocation” — the deposits continued.

Much of the transactions were allegedly brokered by Aza Ventures. According to Mohammed Waseem, the company’s CEO, the operator nicknamed “Source 1” initially offered legitimate deals but later switched to running a Ponzi model. “Initially, Source 1 offered genuine deals. However, later on, it completely switched to Ponzi schemes,” Waseem said in a statement.

Reports have suggested that Kumar is “Source 1,” although he has denied any involvement. Waseem also said that the operator has promised to reimburse the injured parties by the end of the month. He chose not to name any names to increase the chances of recovering the funds, but said he will cooperate with authorities if the payments are not made.

Berachain founder SmokeyTheBera, a pseudonym, said he had warned Waseem about the scam but that the warning was ignored. “So glad to see this nonsense being properly exposed. My condolences to everyone who was scammed,” he wrote on X.

Glad to see this nonsense properly being busted.

I tried to contact the supposed middleman (Aza Ventures) directly when people were making false accusations about a nonexistent Bera OTC.

He insisted that his sources were good, and wouldn't cooperate with any investigation.

IN… https://t.co/IEW59wFCZ2 pic.twitter.com/DlOwKDqdk8

— Smokey The Bera 🐻⛓ (@SmokeyTheBera) June 20, 2025