Fetch.AI CEO Offers $250K Bounty Amid Ocean Protocol Token Allegations

The CEO of Fetch.AI has announced a $250,000 bounty to uncover the connections between OceanDAO signatories and Ocean Foundation after allegations of Ocean Protocol liquidating millions of FET tokens.

Fetch.AI and Ocean Protocol Dispute

Humayun Sheikh, CEO of Fetch.AI, accused Ocean Protocol of dumping hundreds of millions of FET tokens into exchanges.
Ocean Protocol left the Artificial Superintelligence (ASI) Alliance, which included Fetch.AI and SingularityNET, in October 2024.
Fetch.AI claims Ocean swapped 661.2 million OCEAN tokens for 286.4 million FET tokens and has been liquidating them.
Sheikh plans to fund class action lawsuits against Ocean Protocol for potential damages to FET holders.
Ocean Protocol denied these accusations, labeling them as unfounded rumors.

Alleged Token Liquidation

Bubblemaps reported that Ocean's team wallet converted 661 million OCEAN into 286 million FET worth $191 million.
The wallet sent 90 million FET to GSR Markets and distributed 196 million FET across multiple addresses.
Around 160 million FET were allegedly moved to Binance, and 109 million to GSR Markets, valued at approximately $120 million.
Bubblemaps couldn't confirm if these tokens were sold but noted activity typical of liquidation.

Impact on FET Price

The dispute has caused uncertainty, leading to a decline in FET price by 8.3% to $0.25.
FET has retraced 92.6% from its all-time high of $3.45.
Analyst Cryptor highlighted declining Smart Money Flows and exits by Top PnL traders, indicating reduced market confidence.