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Self Chain announced the removal of founder Ravindra Kumar from his position as CEO.
PANews reported on June 23 that, according to The Block, Self Chain announced the dismissal of founder Ravindra Kumar as CEO because she was allegedly leading an over-the-counter transaction fraud scheme totaling $50 million. The scam began selling low-priced GRT, APT, SUI and other tokens through Telegram to attract investors in November last year, and later evolved into a typical Ponzi structure. OTC platform Aza Ventures said Kumar was suspected of being the mastermind under the pseudonym "Source 1". Kumar denied the charges and said it would be up to a lawyer to respond. The project team has announced that it is no longer affiliated with Self Chain.