Self Chain CEO Ravindra Kumar Axed Following Bombshell $50M OTC Fraud Claims

Another crypto exec falls—this time with a $50 million price tag. Self Chain's board just showed Ravindra Kumar the exit door amid explosive OTC scam allegations. Here's the fallout.

When the money talks, CEOs walk

The blockchain project didn't mince words in its statement: 'Effective immediately, Kumar is relieved of all duties.' No golden parachute here—just the cold reality of nine-figure accusations. The timing? Impeccable—right as regulators sharpen their knives post-ETF approvals.

OTC desks: crypto's wild west

That $50 million didn't vanish into some DeFi protocol. This was old-school OTC action—the kind that makes compliance officers drink at noon. Sources whisper about forged documents and phantom buyers, but Self Chain's audit trail remains locked tighter than a Bitcoin maximalist's seed phrase.

What's next for Self Chain?

The project claims it's business as usual (don't they always?). Developers keep coding, nodes keep validating—just with one less Lamborghini in the executive parking lot. Meanwhile, the 'community-first' blockchain now gets to test how much community trust $50 million can buy in 2025.

Final thought: Nothing self-sovereign about this fiasco. Maybe next time try an on-chain transaction—at least then you'd have an immutable record of the grift.