Currency

Self Chain founder denies involvement in $50 million over-the-counter cryptocurrency fraud case

According to Chain Catcher news and reported by DL News, Ravindra Kumar, the founder of Self Chain, has recently been accused of being involved in a $50 million off-exchange crypto scam, where he defrauded investors through fake token trades. Kumar issued a statement on the X platform firmly denying the allegations, stating that the claims are "completely false," and that his legal team is preparing to draft a response statement.The scam involves off-exchange trading of tokens from several well-known projects, including Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian off-exchange broker Aza Ventures, revealed that his company has inadvertently facilitated dozens of fraudulent transactions over the past few months. While the initial trades were legitimate, they later evolved into a Ponzi scheme, with the seller operating under the code name "Source 1," implementing fraud through delayed token delivery. Waseem claims to have contacted Indian authorities and promised to refund defrauded investors, but his personal funds have been depleted due to advances. Currently, "Source 1" has promised to start returning funds by the end of June. Notably, before the scam was exposed, several industry figures, including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu, had repeatedly warned about the existence of fake off-exchange trades.

Self Chain founder denies involvement in a $50 million over-the-counter cryptocurrency fraud case

According to Chain Catcher news and reported by DL News, Ravindra Kumar, the founder of Self Chain, has recently been accused of being involved in a $50 million off-exchange crypto scam, where he allegedly defrauded investors through fake token trades. Kumar issued a statement on the X platform firmly denying the allegations, claiming that the accusations are "completely false," and stated that his legal team is preparing to draft a response statement.The scam involves off-exchange trading of tokens from several well-known projects, including Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian brokerage Aza Ventures, revealed that his company inadvertently facilitated dozens of fraudulent transactions over the past few months. While the initial trades were legitimate, they later evolved into a Ponzi scheme, with the seller operating under the codename "Source 1," implementing fraud through delayed token delivery. Waseem claimed to have contacted Indian authorities and promised to refund the defrauded investors, but his personal funds have been depleted due to advances. Currently, "Source 1" has promised to start returning funds by the end of June. Notably, before the scam was exposed, several industry figures, including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu, had repeatedly warned about the existence of fake off-exchange trades.

The cryptocurrency sector has stabilized slightly, with BTC and ETH experiencing narrow fluctuations

ChainCatcher message indicates that, according to SoSoValue data, the U.S. stock market is closed, and the tense situation in the Middle East has heightened market watchfulness, leading to a slight stabilization and rebound in the crypto market. Bitcoin (BTC) rose 0.24% in 24 hours, fluctuating around $104,000. Ethereum (ETH) increased by 0.64%, maintaining above $2,500. Additionally, the PayFi sector rose by 0.54%, with eCash (XEC) and Bitcoin Cash (BCH) increasing by 5.46% and 8.58%, respectively.Other notable sectors include: the Layer1 sector rose 0.42% in 24 hours, with TRON (TRX) and Solana (SOL) increasing by 0.73% and 0.96%, respectively; the RWA sector rose 0.34%, with Pendle (PENDLE) and Plume (PLUME) increasing by 3.94% and 6.63%, respectively; the CeFi sector rose 0.18%, with Gate (GT) and OKB increasing by 7.39% and 10.63%, respectively.Furthermore, the DeFi sector fell 0.17% in 24 hours, but Uniswap (UNI) rose by 3.73%; the Layer2 sector decreased by 0.20%, while Mantle (MNT) rose again by 3.32%; the Meme sector fell by 0.42%, and the AI sector decreased by 1.64%, but Fetch.ai (FET) rose by 2.09% in 24 hours due to factors such as the Fetch Foundation announcing a $50 million FET token buyback.The crypto sector indices reflecting historical market trends show that the ssiPayFi, ssiLayer1, and ssiMAG7 indices rose by 0.73%, 0.51%, and 0.42%, respectively, in 24 hours.
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