On November 8th, Fetch.ai filed a class action lawsuit against Ocean Protocol, accusing it of misleading the community and mishandling tokens in the artificial intelligence alliance ASI. The lawsuit claims that Ocean transferred about 700 million OCEAN tokens originally promised for community rewards to the Cayman Islands entity, which was then converted into about 286 million FETs and sold about 263 million on the market, causing the FET price to drop. Fetch.ai lawyers say Ocean misled the token community and merger partners, making millions of dollars. Ocean Protocol denies the allegations, saying the lawsuit is nothing more than social media hype. ASI Alliance co-founder Goertzel expressed disappointment with Ocean's behavior, but the alliance will continue to advance the development of decentralized AI.
Fetch.ai asked the Ocean Protocol Foundation to return 120 million USD FET tokens to avoid legal disputes.
Fetch.ai sued Ocean Protocol, alleging improper sale of 263 million FET tokens
2025-11-08 01:21:21
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