Self Chain CEO Accused in $50M Crypto OTC Scandal—Trust Issues Mount in Web3

Crypto's latest black eye? The CEO of blockchain project Self Chain stands accused of orchestrating a $50 million over-the-counter fraud—just when institutional investors were warming to Web3.

Behind the velvet rope of OTC desks

While retail traders battle slippage on DEXs, the real action happens in private Telegram groups and offshore shell companies. This alleged scheme proves even 'whales' can get hooked.

Regulators sharpen their knives

The timing couldn't be worse—just as the SEC greenlights spot ETH ETFs, this scandal gives ammunition to every crypto-skeptic lawmaker. Expect congressional hearings with more theatrics than a memecoin rally.

The irony? This happened in OTC land, where 'know your customer' rules are supposedly tighter than a Bitcoin maximalist's grip on their private keys. Some due diligence.