Layer-1 blockchain Self Chain introduced that it has terminated its CEO Ravindra Kumar after allegations of a $50 million over-the-counter (OTC) rip-off.
The allegations broke on Friday with claims that Kumar was concerned in a string of OTC scams together with corporations reminiscent of Aza Ventures, which revealed the allegations on Telegram.
Kumar responded on the time by posting: “I have been accused of significant wrongdoing, which is totally false. My authorized crew and I are engaged on a press release to handle this matter. Keep tuned for updates.”
An OTC transaction is one which takes place exterior of an alternate as a way to keep away from slippage on bigger transactions. It usually includes the customer, vendor and a intermediary brokering the deal.
The Self Chain token (SLF), which trades on Binance, is now down by 35.9% up to now week after promoting off in relation to the allegations.
“Ravindra Kumar’s function as CEO has been formally terminated,” Self Chain wrote in a Monday tweet. “He’ll not maintain any place, accountability, or affiliation with Self Chain in any capability going ahead.”
No Self Chain founding members have ever been approved to have interaction in OTC offers involving $SLF,” it continued. “Another offers circulating available in the market haven’t been formally authorized or sanctioned by the crew in any method by any means.”
Kumar retweeted Self Chain’s tweet and eliminated reference to himself as CEO from his profile.
