Fetch.ai Sues Ocean Protocol: Accuses It of Improperly Selling 263 Million FET Tokens

BlockBeats News, November 8th, according to Cryptoslate, Fetch.ai has filed a class-action lawsuit against Ocean Protocol in the Southern District of New York Federal Court, accusing it of misleading the community in the AI Alliance ASI and mishandling tokens. The lawsuit alleges that Ocean transferred around 700 million OCEAN tokens, originally earmarked for community rewards, to a Cayman Islands entity, which were then converted to around 286 million FET and sold about 263 million on the market, causing a drop in FET price. Fetch.ai's lawyers stated that Ocean misled the token community and merger partners, profiting millions of dollars from it. Ocean Protocol denies the allegations, stating that the lawsuit is merely social media hype. ASI Alliance co-founder Goertzel expressed disappointment in Ocean's actions, but the alliance will continue to push forward with decentralized AI development.

In previous news, Fetch.ai requested the Ocean Protocol Foundation to return 120 million USD worth of FET tokens to avoid legal disputes.