Modular intent-centric access layer 1 blockchain and keyless wallet infrastructure service provider, Self-Chain has sacked its CEO, Ravindra Kumar over his alleged involvement in $50 million over-the-counter (OTC) fraud carried out via Telegram. The firm confirmed his dismissal in a post on their official X page on Monday. As revealed, his appointment was terminated after users accused him of steering months-long scheme that drained more than $50 million.
In the post, Self Chain described the decision as a “decisive leadership transition”, adding that it reinforces the firm’s long-term vision. The firm added that this landmark decision represents a significance step in realigning Self-Chain with its principles of decentralization, transparency, and community-driven development. The layer 1 firm added that its CEO no longer holds any position, responsibility, or association with Self Chain in any capacity going forward.
Self Chain further reinstated its commitment to its community of users, adding that all founding members remain fully aligned with the project’s original vision. It added that it remains actively committed to building and advancing Self Chain in accordance with its core values.
Additionally, the firm clarified in the post that none of the founding members have been authorized to participate in OTC deals related to $SLF. It also emphasized that the allegations against the former CEO does not impact the current projects or future direction of the company.
Meanwhile, this development came barely three days after the CEO denied his involvement in the accusation levied against him. He described the allegation as completely false, adding that his lawyer would respond to it.
What is Self Chain?
It is worth noting that Self Chain is a modular intent-centric access layer 1 blockchain and keyless wallet infrastructure that grants Web3 opportunities to users and ai agents. The keyless wallet infrastructure provides seamless onboarding and features ai-powered conversational interfaces. As revealed, this innovation allows users to execute even complex transactions quickly and effortlessly.
In addition, it keyless wallet feature removes seed phrase complexity while enhancing security. Similarly, its ai-powered intents also enable users to express desired outcomes and instantly achieve optimal execution.
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