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According to DL News, Self Chain founder Ravindra Kumar has been accused of participating in a $50 million off exchange cryptocurrency scam that defrauded investors through false token trading. Kumar issued a statement on the X platform firmly denying the allegations, stating that they are "completely untrue" and that the legal team is preparing to write a response statement. This scam involves off exchange trading of tokens for multiple well-known projects such as Sui, Near, Axelar, and Sei. Mohammed Waseem, CEO of Indian over-the-counter broker Aza Ventures, revealed that his company has inadvertently facilitated dozens of fraudulent transactions over the past few months. Although the initial transaction was genuine, it later evolved into a Ponzi scheme, where the seller used "Source 1" as a code name to commit fraud by delaying the delivery of tokens. Waseem claimed to have contacted Indian authorities and promised to refund the defrauded investors, but his personal funds have been depleted due to advances. At present, 'Source 1' has promised to start returning funds before the end of June. It is worth noting that before the scam was exposed, multiple industry insiders including Adeniyi Abiodun from Mysten Labs and Lucian Mincu from MultiversX had repeatedly warned of the existence of false over-the-counter trading.