The Fetch AI team accused Ocean Protocol of selling FET tokens obtained through the merger under the Artificial Superintelligence (ASI) alliance. According to analysis by the analytics platform Bubblemaps, the amount involved is approximately 270M FET, equivalent to about $120M.
Investigation Details
In March 2024, Ocean Protocol, Fetch AI, and SingularityNET merged under a unified token, FET, forming the Artificial Superintelligence (ASI) alliance. As part of the merger, OCEAN holders were allowed to convert their tokens into FET at a fixed rate.
Following the merger, the Ocean Protocol team retained a significant portion of its OCEAN wallets, stating that these funds were reserved for “community initiatives” and “ecosystem participation incentives.”
However, according to analytics platform Bubblemaps, on July 1 the Ocean Protocol multisig wallet (0x4D9B) exchanged 661M OCEAN for 286 M FET, worth approximately $191M. Out of this amount, 90 M tokens were sent to OTC provider GSR Markets.
On August 31, the remaining 196M FET were distributed across 30 new addresses. By October 14, nearly all of them had transferred the funds to Binance or to the same OTC counterparties. In total, around 160M tokens were moved to Binance and another 109M to GSR Markets.
Conflict Within the Alliance
On October 9, Ocean Protocol officially announced its withdrawal from the ASI alliance without providing reasons. The statement did not mention any transfers of FET to centralized exchanges or OTC platforms.
In response, the Fetch AI team publicly accused Ocean Protocol of selling tokens allocated for community purposes, calling the actions “unethical.” Ocean Protocol’s leadership denied the accusations, labeling them “baseless rumors” and promising to release an official response.
What Is Known So Far
There is no confirmed evidence yet that the tokens were actually sold. On-chain data only show transfers from wallets linked to Ocean Protocol to exchanges and OTC providers. Nevertheless, such transactions are typically associated with asset sales.
The investigation is ongoing. Bubblemaps has opened a public case on its Intel Desk platform, allowing the community to track further token movements and share verification results.
This article is for informational purposes only and does not constitute financial or investment advice. Please conduct your own research before making any decisions.
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.
