Fetch.AI CEO Offers Reward To ‘Uncover’ Ocean Protocol’s Alleged $120M FET Dump

The CEO of Fetch.AI (FET) has provided a reward to uncover Ocean Protocol’s transfer after the venture was accused of liquidating tens of millions of tokens, affecting the FET’s worth and its holders.

Fetch.AI Vs Ocean Protocol Feud

On Tuesday, Humayun Sheikh, CEO of Fetch.AI, provided a bounty $250,000 to anybody who may “uncover the OceanDAO signatories and their connections to Ocean Foundation.” The submit adopted final week’s allegations that Ocean Protocol had dumped tons of of tens of millions of FET tokens into crypto exchanges earlier this yr.

For context, crypto AI tasks Fetch.AI, Ocean Protocol (OCEAN), and SingularityNET (AGIX) merged into the Artificial Superintelligence (ASI) Alliance in mid-2024, combining their tokens below a shared FET framework.

Over a yr later, Ocean Protocol Foundation introduced its departure from the alliance, sharing on October 9 that it had resigned as a member of the ASI Alliance, “efficient instantly.”

Last week, Fetch.AI’s CEO affirmed that the Ocean Protocol Foundation had swapped 661.2 million OCEAN tokens minted in 2023 for 286.4 million FET this July, suggesting that the protocol had been shifting and liquidating them for the previous three months.

Sheikh famous that “Ocean as stand alone venture did this it will be classed as a rug pull,” later vowing to personally fund three or extra class motion lawsuits in numerous jurisdictions. “If you might be or have been a holder of $fet and have misplaced cash throughout this Ocean motion be prepared along with your proof. (…) I will likely be organising a channel for all to submit your claims,” he wrote.

Ocean Protocol called the accusations “unfounded claims and dangerous rumors,” affirming that their crew was “getting ready responses to the assorted unfounded claims and allegations whereas respecting the ambits of the regulation.” At the time of writing, the protocol’s official X account has not printed a response.

Did Ocean Dump $120M Worth Of FET?

Data analytics platform Bubblemaps shared a timeline of the Ocean Protocol strikes, highlighting that regardless of the merger, the protocol stored a considerable amount of OCEAN tokens in its wallets for alleged “neighborhood incentives” and “information farming.”

According to Bubblemaps’ evaluation, Ocean Protocol’s crew pockets (0x4D9B) transformed 661 million OCEAN into 286 million FET, price $191 million on July 1, and later despatched 90 million FET to an OTC supplier, GSR Markets.

On August 31, the crew pockets break up the remaining 196 million FET throughout 30 new addresses. By October 14, most of those addresses had despatched the funds to Binance or the OTC supplier.

Bubblemaps estimated that round 160 million tokens have been despatched to Binance, whereas 109 million FET have been transferred to GSR Markets. In complete, roughly 270 million tokens, valued at round $120 million, have been reportedly transferred and doubtlessly liquidated.

“We can’t verify whether or not the $FET tokens have been offered by Ocean Protocol, though such transfers are sometimes related to liquidation,” the platform famous, including that on-chain exercise solely reveals a multisig pockets linked to the protocol swapped tens of millions of OCEAN tokens for FET, and despatched them to Binance and GSR.

FET’s Price Sees Sharp Decline

Analyst Cryptor identified that the feud has triggered uncertainty surrounding the tasks. He famous that the FET’s Top PnL Leaderboard doesn’t look good, as “nearly everybody over the previous 30 days has totally exited their positions.” Additionally, Smart Money Flows have been declining for practically a yr, alongside the value, which has retraced over 92.6% from its $3.45 all-time high (ATH).

The analyst asserted that “you need segments like Top PnL merchants, Smart Money, and funds to remain onboard as a result of they set the tone for market habits. (…) The information reveals hesitation and capital leaving, which is to me a transparent signal that confidence hasn’t returned. Price would possibly maintain briefly, however with out their participation, volatility rises shortly.”

As of this writing, FET trades at $0.25, an 8.3% decline within the every day timeframe.