Binance Community Reacts to Self Chain CEO Scandal Amid $50M OTC Fraud Claims

Self Chain, a prominent Layer-1 blockchain, has terminated its CEO Ravindra Kumar following serious allegations of a $50 million over-the-counter (OTC) scam. The accusations, which emerged on Friday, link Kumar to fraudulent activities involving entities such as Aza Ventures. The claims were publicly aired via Telegram, sparking immediate backlash within the cryptocurrency community. Kumar initially denied any wrongdoing and pledged to address the allegations through legal avenues. However, the swift termination by Self Chain underscores the severity of the situation. This scandal has drawn significant attention from major exchanges like Binance, where traders and investors are closely monitoring the fallout. The incident highlights the ongoing challenges of trust and transparency in the crypto OTC market, particularly for Layer-1 projects. As the story develops, the Binance community is keenly watching for further legal actions and their potential impact on Self Chain's ecosystem and token valuation.

Self Chain Terminates CEO Amid $50M OTC Scam Allegations

Self Chain, a Layer-1 blockchain, has severed ties with CEO Ravindra Kumar following explosive allegations of a $50 million over-the-counter (OTC) scam. The claims surfaced Friday, implicating Kumar in fraudulent activities tied to entities like Aza Ventures, which aired the accusations via Telegram.

Kumar initially denied wrongdoing, promising a detailed rebuttal through legal channels. The fallout has been immediate: Self Chain's native token (SLF) plunged 35.9% on Binance as investors fled.

The project's official statement leaves no room for ambiguity. "Ravindra Kumar’s role as CEO has been formally terminated," the team declared, emphasizing no founder ever held authorization for SLF-related OTC deals. Kumar's swift profile update—scrubbing his CEO title—speaks volumes.

Self Chain CEO Accused of $50 Million Crypto Fraud, Removed from Position

Ravindra Kumar, CEO of Binance-listed LAYER 1 blockchain project Self Chain, has been ousted following allegations of orchestrating a $50 million over-the-counter fraud via Telegram. The company announced an immediate leadership transition, severing all ties with Kumar.

Self Chain's governance team emphasized the MOVE as a realignment with core principles, stating Kumar's termination was decisive and irreversible. The accused CEO denies wrongdoing, claiming the allegations are "completely false" through his legal team.

The scandal emerges as the crypto industry faces heightened scrutiny around OTC markets and executive accountability. Binance's listing of Self Chain adds institutional weight to the fallout, though no exchange malfeasance has been alleged.

Binance Launches XNY Token Airdrop with Locked Rewards for Early Participants

Binance, the dominant force in global crypto trading volume, is rolling out a structured token distribution initiative for its new Codatta (XNY) governance token. The exchange is offering users a chance to secure locked XNY tokens through a subscription model capped at 3 BNB per participant, marking a strategic shift toward controlled token releases.

The pre-TGE activity on BNB Chain deliberately restricts immediate trading, with unlocks contingent on team decisions. This calculated approach aims to balance early adopter incentives with market stability—a growing trend among major exchanges managing token launches.

Binance User Generates $27K Daily via XRP Mining Strategy

A seasoned Binance investor has demonstrated how cloud mining can transform passive crypto holdings into active income streams. The trader, operating under the pseudonym Ali, reportedly earns $27,000 daily through XRP Mining's computing power contracts—a stark contrast to traditional buy-and-hold strategies.

The case highlights a growing trend among experienced holders seeking yield during sideways markets. XRP Mining's platform, which provides cloud-based mining infrastructure, enabled Ali to monetize his XRP and Doge positions without relying on price appreciation. "Waiting for coins to rise was too passive," the investor noted, emphasizing the appeal of consistent cash flow regardless of market direction.

While the platform promises accessibility to mining rewards without hardware ownership, such high-yield claims warrant scrutiny. The cryptocurrency community continues debating the sustainability of cloud mining profits amid fluctuating network difficulties and token valuations.

Hedge Fund Execs Plan $100M BNB Buy Through Nasdaq-Listed Vehicle

A consortium of former crypto hedge fund executives is orchestrating a $100 million acquisition of BNB tokens through a Nasdaq-listed shell company. Patrick Horsman, Joshua Kruger, and Johnathan Pasch intend to rebrand the entity as Build & Build Corporation upon deal completion, targeting month-end closure.

The transaction WOULD mark the first instance of a public company holding BNB as a primary reserve asset. Binance founder Changpeng Zhao affirmed the initiative's independence from exchange operations, emphasizing BNB's status as a native blockchain asset rather than a corporate security.

Zhao drew parallels to MicroStrategy's Bitcoin accumulation strategy, suggesting institutional adoption patterns may extend beyond BTC. The move reflects growing acceptance of crypto assets as treasury holdings among traditional finance vehicles.

Midnight Network Unveils NIGHT Tokenomics and 'Glacier Drop' Airdrop Mechanism

Midnight Network, a privacy-centric blockchain utilizing zero-knowledge smart contracts, has released its tokenomics framework and introduced the 'Glacier Drop' airdrop mechanism. Claims for the native NIGHT token will commence next month, targeting users across eight major blockchain ecosystems: Bitcoin, Ethereum, Cardano, Solana, Binance Chain, Brave, Ripple, and Avalanche.

The airdrop unfolds in three phases. First, eligible wallets holding at least $100 in native tokens during a pre-announced snapshot can claim their full allocation over a 60-day period starting in July. Unclaimed tokens will then enter a 30-day Scavenger Mine phase, redistributed via computational tasks resembling proof-of-work. Post-mainnet launch, a four-year Lost-and-Found phase allows late claimants to recover partial allocations through self-verification.

To mitigate supply volatility, NIGHT tokens will unlock in randomized installments over 360 days—a 'thawing mechanism' designed to encourage sustained network participation. The project, led by Cayman-based Midnight Foundation president Fahmi Syed, emphasizes long-term engagement over speculative trading.