Fetch.ai sues Ocean Protocol, alleging improper sale of 263 million FET tokens

ChainCatcher reported that Fetch.ai has filed a class action lawsuit against Ocean Protocol, accusing it of misleading the community and mishandling tokens within the Artificial Superintelligence Alliance (ASI). The lawsuit alleges that Ocean transferred approximately 700 million OCEAN tokens, originally promised for community rewards, to a Cayman Islands entity, subsequently converted them into about 286 million FET, and sold approximately 263 million on the market, causing the price of FET to drop.

Fetch.ai's legal counsel stated that Ocean misled the token community and merger partners, profiting millions of dollars. Ocean Protocol denied the allegations, claiming the lawsuit is merely social media hype. ASI Alliance co-founder Goertzel expressed disappointment with Ocean's actions but said the alliance would continue to advance decentralized AI development. Previous reports indicated that Fetch.ai demanded the Ocean Protocol Foundation return $120 million worth of FET tokens to avoid legal disputes.