A new twist has emerged in the ongoing dispute between Fetch.ai CEO Humayun Sheikh and the Ocean Protocol Foundation, as the CEO has issued a bounty for more information related to the alleged misappropriation of tokens worth millions of dollars.
Sheikh offered a reward of $250,000 in a post on X on Tuesday for information regarding the signatories of the OceanDAO multi-signature wallet and their connections to 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.
This $250,000 bounty proposal came just days after the CEO accused a team associated with Ocean Protocol of misappropriating approximately 286 million Fetch.ai (FET) tokens (valued at about $80 million at the time of writing) from a team wallet.
The misappropriation occurred during the merger of the Artificial Superintelligence (ASI) Alliance in 2024, which combined Fetch.ai, Ocean Protocol, and SingularityNet into a shared token framework.
Sheikh claimed that Ocean Protocol minted and transferred millions of OCEAN tokens before the merger, converting them into FET tokens, and then transferred them to centralized exchanges without necessary disclosures.
Last week, the dispute escalated to legal threats, with Sheikh pledging to fund a class-action lawsuit in three or more jurisdictions and calling for investigations into Binance, GSR, and ExaGroup.
Binance announced on Thursday that it would stop supporting OCEAN token deposits but did not mention the dispute as the reason behind the decision.
The escalating dispute has also affected the price of the FET token, with Cointelegraph data showing that the token dropped 9% in the past 24 hours, trading at $0.25 as of 8:47 PM UTC.
While Ocean Protocol has denied these allegations, on-chain data from blockchain data platform Bubblemaps indicates that a multi-signature wallet associated with Ocean Protocol converted approximately 661 million Ocean tokens into 286 million FET tokens.
"Despite the merger, the Ocean Protocol team retained a large amount of $OCEAN in their wallet—reportedly for 'community incentives' and 'data mining,'" the post on X stated, adding:
This includes the transfer of 160 million FET tokens to Binance and 109 million to GSR Markets.
Ocean Protocol exited the Artificial Superintelligence Alliance on October 9 without mentioning the token transfers.
On Thursday, the protocol denied the allegations and stated it would prepare to formally respond to "various unfounded claims."
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Original article: “Ocean Protocol Team Faces $250,000 Bounty After $120 Million Token Dump Allegations”
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