The Layer-1 Blockchain self-chain announced that it has completed its CEO Ravindra Kumar following the accusations of a $ 50 million (OTC) FRC fraud (OTC).
The allegations broke on Friday with claims that Kumar was involved in a number of OTC fraud, including companies such as Aza Ventures that published the allegations of Telegram.
Kumar responded at the time by sending, “I have been accused of serious wrongdoing, which is completely false. My legal team and I are working on a statement to tackle this case. Keep an eye on updates.”
An OTC transaction is one that takes place outside an exchange to avoid sliding on larger transactions. It often involves the buyer, the seller and an intermediary who mediates the agreement.
The self -chain Token (SLF), which deals with Binance, is now down with 35.9% in the last week after selling compared to the allegations.
“Ravindra Kumar’s role as CEO has been formally completed,” wrote self -chain in a Monday -Tweet. “He no longer wants any position, responsibility or affiliation with self -chain in any capacity in the future.”
No self -chain -Foundation members have ever been authorized to participate in OTC offers involving $ SLF, “It continued.” All other offers circulating in the market are not officially approved or sanctioned by the team in any way. “
Kumar Retweeted Self -chain’s tweet and removed referral to himself as CEO of his profile.
