On June 20, Self Chain founder Ravindra Kumar was recently accused of participating in an over-the-counter encryption scam worth US$50 million, which defrauded investors through fake token transactions. Kumar issued a statement on platform X firmly denied it, saying the allegations were "completely false" and said the legal team was preparing to write a response statement. The scam involved over-the-counter trading of tokens in multiple well-known projects such as Sui, Near, Axelar and Seii. 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 real, it later evolved into a Ponzi scheme, in which the seller used the code name "Source 1" to commit fraud by delaying the delivery of tokens. Waseem claimed to have contacted Indian authorities and promised to refund the deceived investors, but his personal funds were exhausted due to advance payments. Currently,"Source 1" promises to start returning funds before the end of June. It is worth noting that before the scam was exposed, many industry professionals such as Adeniyi Abiodun and MultiversX Lucian Mincu had repeatedly warned of the existence of false over-the-counter transactions.