Fetch.ai & Ocean Protocol: A $120M Token Tangle! 🚀

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The feud between Fetch.ai and Ocean Protocol Foundation, a tale of epic proportions, may be drawing to a close as the two sides look to reach a middle ground without escalating into a full-blown legal battle. 🧠💸

On Thursday, Fetch.ai declared it would cancel all pending legal claims against the Ocean Protocol Foundation if the latter returned the 286 million Fetch.ai (FET) tokens that were allegedly sold during their merger. A gesture of goodwill, or a tactical retreat? 🤷‍♂️

“They are expecting a legal proposal from us for the return of the tokens,” said Fetch.ai CEO Humayun Sheikh, during a Thursday X Spaces show, adding:

“You can have my letter tomorrow. The offer is simple: give my community back the tokens. I will drop every legal claim.” 🤝

Sheik also offered to cover the legal costs of the pending contract, which would lead to the recovery of the tokens. A generous gesture-or a calculated move? 💸

Ocean Protocol will agree to return the tokens if the offer is officially put on paper, said FET-based validator node GeoStaking, the protocol that helped broker the deal. A paper trail, or a trap? 📄

The formal offer could be put on paper as soon as Friday, said Sheikh during the X Spaces show. A deadline, or a dare? ⏳

The agreement would enable the two parties to resolve the misunderstandings without the need for a lengthy lawsuit, which could be detrimental to the reputation and finances of both parties. A win-win? Or a farce? 🎭

The latest proposal came days after Sheikh offered a $250,000 reward for more information on the signatories of OceanDAO’s multisignature wallet and their connection to the Ocean Protocol Foundation. A bounty, or a red herring? 🎯

A multisignature or multisig wallet is a cryptocurrency wallet that requires multiple signatures to execute and process a transaction. A cryptographic enigma, or a bureaucratic nightmare? 🤯

Ocean Protocol faces $120 million token dump allegations

Despite Ocean Protocol denying the misappropriation allegations, blockchain data indicates that an Ocean Protocol-linked multisignature wallet converted about 661 million Ocean tokens into 286 million FET coins, worth around $120 million at the time, according to blockchain data platform Bubblemaps. A digital heist, or a miscalculation? 🕵️‍♂️

This included 160 million FET tokens transferred to Binance and 109 million transferred to GSR Markets. A treasure map, or a trail of crumbs? 🧂

Ocean Protocol withdrew from the Artificial Superintelligence Alliance on Oct. 9, with no mention of the token transfers. A strategic exit, or a cover-up? 🚪

Since the announcement of the Artificial Superintelligence Alliance (ASI) in March 2024, the FET token has fallen by over 93%, from a peak of $3.22 to about $0.26 at the time of writing. A meteoric rise, followed by a crash-classic crypto drama. 🌪️

Still, the price drop was not catalysed by Ocean Protocol leaving the ASI, according to Bruce Pon, the founder of Ocean Protocol. He wrote in a Thursday blog response:

“[The 93% drop] was due to the broader market sentiment and volatility, SingularityNet and Fetch’s draining of liquidity from the entire community by dumping upwards of $500 million worth of $FET tokens, a reckless TRNR deal that failed to anticipate crypto dropping more than 45% […]” 🧠

“Ocean decided that it could not in good conscience remain a part of the ASI Alliance,” added the founder, promising to publish a “claim-by-claim rebuttal” to all the recent allegations. A rebuttal, or a PR stunt? 🎤

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2025-10-24 11:54