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

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Fetch.AI Vs Ocean Protocol Feud

On Tuesday, Humayun Sheikh, CEO of Fetch.AI, provided a bounty $250,000 to anybody who might “uncover the OceanDAO signatories and their connections to Ocean Basis.” The publish adopted final week’s allegations that Ocean Protocol had dumped a whole lot of thousands and thousands of FET tokens into crypto exchanges earlier this 12 months.

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

Over a 12 months later, Ocean Protocol Basis introduced its departure from the alliance, sharing on October 9 that it had resigned as a member of the ASI Alliance, “efficient instantly.”

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

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

Ocean Protocol known as the accusations “unfounded claims and dangerous rumors,” affirming that their group was “getting ready responses to the varied unfounded claims and allegations whereas respecting the ambits of the legislation.” On the time of writing, the protocol’s official X account has not printed a response.

Did Ocean Dump $120M Value Of FET?

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

In line with Bubblemaps’ evaluation, Ocean Protocol’s group 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 group pockets cut 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 had been despatched to Binance, whereas 109 million FET had been transferred to GSR Markets. In complete, roughly 270 million tokens, valued at round $120 million, had been reportedly transferred and doubtlessly liquidated.

“We are able to’t verify whether or not the $FET tokens had been bought 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 thousands and thousands of OCEAN tokens for FET, and despatched them to Binance and GSR.

FET’s Worth Sees Sharp Decline

Analyst Cryptor identified that the feud has triggered uncertainty surrounding the tasks. He famous that the FET’s Prime PnL Leaderboard doesn’t look good, as “virtually everybody over the previous 30 days has absolutely exited their positions.” Moreover, Good Cash Flows have been declining for practically a 12 months, alongside the value, which has retraced over 92.6% from its $3.45 all-time excessive (ATH).

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The analyst asserted that “you need segments like Prime PnL merchants, Good Cash, 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. Worth may maintain quickly, however with out their participation, volatility rises shortly.”

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

Featured Picture from Unsplash.com, Chart from TradingView.com