SLF price jumps 17% as Self Chain ousts CEO amid $50M fraud allegations

Cryptocurrencies traded in red on Monday as rising geopolitical tensions dumped Bitcoin below $100K during the weekend.

While most altcoins display weakness after testing crucial support zones, Self Chain dominates trends with a bold leadership update, which has seen its native token, SLF, gain 17% on its daily price chart.

Self Chain has terminated CEO Ravindra Kumar following crucial claims about his involvement in an unauthorized $50 million OTC (over-the-counter) crypto fraud.

Optimism propelled SLF’s price to the upside even as bears dominated the crypto space after the weekend’s flash dip.

Self Chain expels CEO Ravindra

According to Self Chain’s X post, Ravindra Kumar will no longer have any official role within the firm.

The team emphasized that actions that contradicted the project’s founding goals, especially connected to illegal OTC deals, prompted the CEO’s removal.

Meanwhile, Kumar’s fraud allegations attracted community backlash and risked Self Chain’s reputation as a community-driven, transparent LQ blockchain.

The CEO’s termination likely reflects the platform’s commitment to safeguarding its status and refocusing on its core values.

The team reaffirmed its dedication to Self Chain’s vision.

They assured that no other team member participated in the alleged misconduct and that fraudulent activities weren’t linked to the project.

The project distanced itself from illegal SLF over-the-counter sales.

They emphasized never authorizing any founding member to participate in OTC transactions involving the native token.

That means Self Chain didn’t approve and doesn’t recognize any SLF transactions outside official channels.

The termination and reassurance helped restore investor confidence, who praised Self Chain’s swift move and transparency.

SLF price jumps on community optimism

The native token jumped from $0.08183 on its daily chart to a $0.09614 intraday high.

That translated to a 17.49% jump, an eye-catching price move as bears dominate the digital assets space.

SLF trades at $0.08701 after correcting from its daily high.

The 86% uptick in 24-hour trading volume underscored revived investor and trader interest in the altcoin.

SLF’s latest price surge demonstrates how crypto communities value transparency.

Self Chain braces for a new chapter with a priority on integrity and decentralization.