The dispute between Fetch.ai and the Ocean Protocol Foundation may be nearing its end, as both parties seek to reach a compromise to avoid escalating the situation into a full legal lawsuit.
On Thursday, Fetch.ai stated that it would withdraw all pending legal claims if the Ocean Protocol Foundation returned the 286 million FET tokens allegedly sold during the merger period.
“They are waiting for us to propose a legal plan regarding the return of the tokens,” Fetch.ai CEO Humayun Sheikh said during a live broadcast on social platform X Spaces, adding:
Sheikh also proposed to cover the legal costs of the pending contracts, which would lead to a recovery of the tokens.
According to GeoStaking, a validation node based on FET that facilitated this agreement, the Ocean Protocol side indicated that they would agree to return the relevant tokens as long as the proposal is formally presented in writing.
Sheikh mentioned in the X Spaces program that the formal proposal could be documented as early as Friday.
By reaching an agreement, both parties hope to resolve misunderstandings and avoid prolonged litigation that could harm their reputations and financial situations.
The latest proposal came days after Sheikh offered a $250,000 reward for information regarding the signatories of the OceanDAO multi-signature wallet and their relationship with the Ocean Protocol Foundation.
A multi-signature or multi-sig wallet is a type of cryptocurrency wallet that requires multiple signatures to execute and process transactions.
Although Ocean Protocol denied the embezzlement allegations, blockchain data platform Bubblemaps revealed that a multi-signature wallet associated with Ocean Protocol exchanged approximately 661 million Ocean tokens for 286 million FET tokens, valued at around $120 million at the time.
This included the transfer of 160 million FET to Binance and 109 million FET to GSR Markets.
Ocean Protocol exited the Artificial Super Intelligence Alliance on October 9, without mentioning the token transfers.
Since the announcement of the Artificial Super Intelligence Alliance (ASI) in March 2024, the FET token has dropped over 93%, from a peak of $3.22 to about $0.26 at the time of writing.
However, Ocean Protocol founder Bruce Pon stated that the price drop was not due to Ocean Protocol's exit from ASI. In a blog response on Thursday, he wrote:
“Ocean decided it could not in good conscience continue to be part of the ASI alliance,” the founder added, promising to release a “point-by-point rebuttal” to all recent allegations.
Related: Trump pardons CZ, sparking anger from Congresswoman Maxine Waters, who accuses him of having a “pay-to-play” relationship with the crypto industry.
Original article: “Fetch.ai and Ocean Protocol Reach Agreement to Return $120 Million Worth of FET Tokens to Avoid Legal Action”
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