Fetch.AI CEO Accuses Ocean Protocol of $120M Token Dump Amid Alliance Departure
Fetch.AI CEO Accuses Ocean Protocol of $120M Token Dump Amid Alliance Departure
The CEO of Fetch.AI (FET) has launched a public dispute with Ocean Protocol (OCEAN), offering a reward to investigate alleged liquidation of 270 million FET tokens worth $120 million by Ocean Protocol. These allegations surfaced after Ocean Protocol announced its departure from the Artificial Superintelligence (ASI) Alliance, which also included SingularityNET (AGIX). Fetch.AI's CEO claims Ocean Protocol swapped its native OCEAN tokens for FET and subsequently moved significant amounts to exchanges, impacting FET's price, which has seen a sharp decline and a significant drop from its ATH. Ocean Protocol has denied the claims, calling them "unfounded."
Fetch.AI CEO Accuses Ocean Protocol of Major FET Dump
Fetch.AI (FET) CEO Humayun Sheikh has initiated a public feud with Ocean Protocol (OCEAN), alleging that the latter liquidated approximately 270 million FET tokens, valued at around $120 million. This controversy follows Ocean Protocol's recent departure from the Artificial Superintelligence (ASI) Alliance, which originally combined FET, OCEAN, and SingularityNET (AGIX) under a shared framework.
Allegations and Counter-Claims
Last week, Sheikh asserted that the Ocean Protocol Foundation converted 661.2 million OCEAN tokens into 286.4 million FET in July and subsequently moved and potentially liquidated these assets over three months. Data analytics platform Bubblemaps corroborated parts of this timeline, showing Ocean Protocol's team wallet converting OCEAN to FET and then sending large sums to OTC providers and exchanges like Binance. Bubblemaps noted that while they couldn't definitively confirm sales, such transfers are typically associated with liquidation.
Fetch.AI's CEO has vowed to personally fund class-action lawsuits, labeling Ocean Protocol's alleged actions as akin to a "rug pull" if performed by a standalone project. In response, Ocean Protocol has dismissed the accusations as "unfounded claims and harmful rumors," stating they are preparing official responses.
Market Impact on FET
The dispute has introduced significant uncertainty into the market. Analyst Cryptor highlighted a sharp decline in FET's price, noting a 92.6% retracement from its all-time high. Data from the Top PnL Leaderboard and Smart Money Flows suggest a mass exodus of positions and declining confidence, leading to increased volatility. As of writing, FET saw an 8.3% daily decline, trading at $0.25.