Ocean Protocol has firmly rejected allegations of token theft following its departure from the Artificial Superintelligence (ASI) Alliance. The foundation addressed the claims in a recent statement on X.
The controversy centers around accusations that Ocean Protocol converted a significant amount of its OCEAN tokens into Fetch.ai’s FET tokens and subsequently sold them, leading to a sharp decline in FET’s market value. Fetch.ai’s CEO, Humayun Sheikh, labeled the actions as a “rug pull” and offered a $250,000 reward for information on OceanDAO’s multisig wallet signatories.
Ocean Protocol responded by accusing its former partners, SingularityNET and Fetch.ai, of violating the alliance’s core principles. The foundation claimed that after the merger, SingularityNET engaged in reckless financial maneuvers, including issuing an additional $100 million in tokens and maintaining a massive monthly burn of $6 million. Fetch’s founder was accused of disregarding decentralization principles by attempting to force Ocean to convert all assets in its independently operated community treasury into FET tokens.
Ocean Protocol has initiated legal proceedings in response to the allegations and is committed to defending its actions. The situation continues to unfold, with both parties preparing for further developments.
Source: Ocean Protocol Foundation statement on X
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