Ocean Protocol is accused of secretly selling community tokens.
Author: Bubblemaps
Translation: Deep Tide TechFlow
Did Ocean Protocol sell off community tokens worth over $100 million?
Fetch AI publicly accuses them of misconduct.
Here are the details of the incident:
In March 2024, Ocean Protocol, Fetch AI, and SingularityNET announced the formation of the ASI Alliance.
These three originally independent projects merged and adopted a unified token: $FET.
After the merger, holders of $OCEAN could convert their $OCEAN to $FET at a fixed exchange rate.
The Ocean Protocol team retained a large amount of $OCEAN tokens, claiming these tokens would be used for "community incentives" and "data mining."
However, on July 1, a wallet address associated with the Ocean Protocol team (0x4D9B) performed the following actions:
Converted 661 million $OCEAN to 286 million $FET (approximately $191 million);
Transferred 90 million $FET to OTC provider GSR Markets.
On August 31, the wallet distributed the remaining 196 million $FET across 30 newly created wallet addresses.
By October 14, nearly all of these new addresses had transferred their funds to Binance or OTC providers.
Statistics show that approximately 270 million $FET were sent to Binance or OTC providers, including:
Total value approximately $120 million.
A total of approximately 270 million $FET tokens were sent to Binance or OTC providers • 160 million sent to Binance • 109 million sent to GSR Markets Total value: approximately $120 million.
On October 9, Ocean Protocol announced its withdrawal from the ASI Alliance but did not specify the reason for the exit, nor did it mention the transfer of these $FET to centralized exchanges (CEX) and OTC providers.
The FET team publicly accused Ocean Protocol of selling community tokens on the social media platform X.
Original tweet link: Click here
In response, the CEO of Ocean Protocol stated that FET's accusations are "baseless rumors." He added that the team is preparing a formal response to address these allegations.
Original tweet link: Click here
While we cannot confirm whether these $FET were sold by the Ocean Protocol team, such token transfer activities are often associated with liquidation. On-chain activity shows the following actions:
A multi-signature wallet associated with Ocean Protocol:
We have reached out to the Ocean Protocol team for a response but have not received a reply as of now.
This case has now been published on the Intel Desk platform for further community investigation.
You can participate in voting with the $BMT token: Case details link
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