Author: Bubblemaps
Translation: TechFlow
Did Ocean Protocol dump over $100 millions worth of community tokens?
Fetch AI has publicly accused 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.
After the merger, these three previously independent projects adopted a unified token: $FET.
Following the merger, $OCEAN holders could swap their $OCEAN for $FET at a fixed rate.
The Ocean Protocol team still held a large amount of $OCEAN tokens, claiming these would be used for “community incentives” and “data mining.”
However, on July 1, a wallet address (0x4D9B) associated with the Ocean Protocol team performed the following actions:
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Converted 661 millions $OCEAN into 286 millions $FET (worth about $191 millions);
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Transferred 90 millions $FET to OTC provider GSR Markets.
On August 31, the wallet distributed the remaining 196 millions $FET to 30 newly created wallet addresses.
By October 14, almost all of these new addresses had transferred the funds to Binance or OTC providers.
Related link: Click here
According to statistics, a total of about 270 millions $FET were sent to Binance or OTC providers, including:
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160 millions $FET sent to Binance;
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109 millions $FET sent to GSR Markets.
Total value is about $120 millions.
In total, about 270 millions $FET tokens were sent to Binance or OTC providers • 160 millions to Binance • 109 millions to GSR Markets Total value: about $120 millions.
On October 9, Ocean Protocol announced its withdrawal from the ASI Alliance, but did not specify the reason for leaving, nor did it mention the transfer of these $FET to centralized exchanges (CEX) and OTC providers.
Related link: Click here
The FET team publicly accused Ocean Protocol of selling community tokens on social media platform X.
Original tweet link: Click here
In response, the CEO of Ocean Protocol stated that FET’s allegations are “baseless rumors.” He added that the team is preparing an official response to address these accusations.
Original tweet link: Click here
Although we cannot confirm whether these $FET were sold by the Ocean Protocol team, such token transfers are usually associated with liquidation. On-chain activity shows the following actions:
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A multisig wallet associated with Ocean Protocol:
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Converted 661 millions $OCEAN into 286 millions $FET;
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Transferred 270 millions $FET to Binance and GSR Markets.
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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
