FET

Fetch.ai

Ocean Protocol’s sudden withdrawal from the ASI Alliance has sparked accusations of a major token rug pull. In fact, independent on-chain analytics from Bubblemaps indicate that the project transferred approximately 270 million FET, which is worth an estimated $120 million, to Binance and an OTC provider without notifying either the alliance or FET holders. The ASI Alliance, formed in March 2024, united Ocean Protocol, Fetch.ai, and SingularityNET under a single token, FET, with Ocean Protocol’s OCEAN tokens convertible at a fixed rate to FET. Ocean Protocol Under Fire Despite the merger, Ocean Protocol retained a substantial portion of OCEAN within team-controlled wallets allegedly set aside for community incentives and data farming. According to Bubblemaps, on July 1, 2024, one such Ocean Protocol wallet converted 661 million OCEAN into 286 million FET, and subsequently sent 90 million FET to OTC provider GSR Markets. By August 31, the remaining 196 million FET were distributed across 30 new addresses, and by October 14, nearly all of these funds had been transferred to Binance or other OTC providers, which was estimated to be 270 million FET – 160 million to Binance, and 109 million to GSR Markets. The transfers coincided with Ocean Protocol’s October 9 exit from the ASI Alliance, which occurred without public explanation or disclosure regarding the redistribution of community tokens. In response, the FET team took to X to publicly accuse Ocean Protocol of selling off tokens intended for community rewards, while the protocol’s CEO dismissed the claims as “unfounded and baseless rumors” and promised a formal response soon. On-chain activity confirms only the token conversions and transfers, which have left open questions about whether liquidation occurred and why such a significant portion of community-allocated funds was moved without coordination. Ocean Must Provide Answers Amid these developments, Fetch.ai CEO Humayun Sheikh and the broader FET community are demanding transparency from Ocean Protocol regarding the handling of these assets, specifically questioning the timing of the token conversions before the exit, the control structure of the OceanDAO SAFE wallet and Ocean Expedition, and the ultimate disposition of the transferred tokens. In an official statement, Sheikh said, “The ASI Alliance was founded on principles of collaboration, transparency, and shared accountability. While the situation with Ocean Protocol continues to evolve, our focus remains on protecting FET holders and upholding the integrity of the ecosystem. Challenges like this test the strength of our alliances, but they also reinforce why these principles matter. We are committed to ensuring that transparency prevails, that the community’s trust is respected, and that the foundations we’ve built for a decentralized, collaborative future remain intact. Our expectation is clear: Ocean must provide answers, and the ecosystem must learn from this moment to emerge stronger and more resilient.” In line with these concerns, Fetch.ai has opened class-action claims to help affected FET holders to seek compensation. This move could potentially lead to multi-jurisdictional lawsuits and increased scrutiny of Ocean Protocol’s governance and token management practices. The post Rug Pull or Misunderstanding? FET Community in Uproar Over Ocean Protocol Transfers appeared first on CryptoPotato .

The FET token’s price fell by over 93% since the merger of the Artificial Superintelligence Alliance, a drop that is unrelated to Ocean Protocol’s actions, according to its founder.

If you’ve been holding Artificial Superintelligence Alliance (FET) tokens, October 2025 probably felt like watching a slow-motion car crash. A 52% price drop in a single month isn’t just a correction, it’s a crisis. But what’s really driving this collapse, and more importantly, w...

The leadership of Fetch AI has accused Ocean Protocol of foul play following the large conversions of OCEAN tokens to FET and the subsequent transfer of those tokens to Binance and other OTC providers, which in turn caused the price of FET to crash significantly. In March 2024, Fetch AI, Ocean Protocol and SingularityNET came together to form the Artificial Superintelligence Alliance (ASI), a token merger designed to unify the three projects. It was going to have one ecosystem token, FET , which was projected to later become ASI. The alliance was conceived to pool resources to become leaders in the area of decentralized artificial intelligence. Holders of OCEAN and AGIX (SingularityNET’s token) were able to convert their holdings into FET easily as a result. The tokens at the center of the whole drama originate from the over 56% OCEAN tokens set aside by the Ocean protocol for community incentives. On-chain activity and the claims In its thread on X , on-chain analytics platform BubbleMaps pointed out that in July, an Ocean Protocol team wallet (0x4D9B76Df13DF257A674AEc7Ec7232741A6E73883) converted about 661 million OCEAN into roughly 286 million FET and sent 90 million FET to GSR Markets, an over-the-counter (OTC) trading firm. On August 31, the remaining 196 million FET was reportedly sent to 30 newly created addresses, and by mid-October, most of those funds had been sent to Binance or OTC providers. A total of 160 million FET was reportedly sent to Binance and 109 million FET to GSR Markets, bringing the combined amount to an estimated $120 million. Ocean Protocol and Fetch AI trade public accusations In an X post made on October 15, Fetch AI’s CEO, Humayun Sheikh recounted the token movements, including the July conversion and the subsequent transfers to Binance and GSR, and framed them as contradictory to the spirit of the ASI alliance. In that post, he said that, were the actions to have been taken by Ocean as a stand-alone project, they “would be classed as a rug pull,” and he urged Binance, GSR, and other entities to investigate and “do the right thing.” Sheikh, in a prior post, had hinted that legal steps were being taken and that Fetch AI would pursue remedies to protect its community after he called out Ocean Protocol and OceanDAO for their role in the conversion and transfer of FET tokens. Ocean Protocol’s CEO, Bruce Pon, responded to Sheikh on X by dismissing the accusations as “unfounded and baseless rumors” and saying the foundation was preparing a formal reply to address the claims. However, to date, a formal reply has not been made. Ocean Protocol announced on October 9 that it had withdrawn from the ASI alliance. However, that announcement did not mention the transfers. Following Bubblemap’s post, Sheikh announced a $250,000 “reward to anyone who can uncover the OceanDAO signatories and their connections to Ocean Foundation.” Stakes are high for the alliance and community trust The ASI Alliance was promoted as a blueprint for cross-chain collaboration in artificial intelligence. It reportedly had a combined value of $7.5 billion at the beginning. However, the recent events between Ocean Protocol and Fetch AI have exposed the fragility of such partnerships when governance structures and token ownership are not clearly defined. The lack of transparent reporting on token conversions on the part of Ocean Protocol raises eyebrows. However, its CEO has called on the parties of the partnership to “waive confidentiality on the adjudicator’s recent findings and let the community inspect and decide.” The recent events have left many token holders uncertain about the fate of their investments. Fetch AI is likely to go ahead with litigation, as it is planning to do so as a collective with users that suffered losses as a result of the event. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

FLOKI leads top gainers with a 23.28% rise, while Chainlink posts over $1 billion in daily trading volume. Ethena records the largest drop among losers, falling 5.22% with over $551 million traded in 24 hours. Market activity remains strong with both bullish and bearish trends dr...

The cryptocurrency market remains a mix of optimism and caution this weekend, with traders rotating capital between AI tokens, meme coins, and DeFi projects while Bitcoin and Ethereum consolidate near key technical levels. According to CoinGecko’s trending list for October 18, 20...

A high-stakes feud between two leading AI-focused blockchain projects, Fetch.ai and Ocean Protocol, has erupted into a legal and public relations storm. What began as an internal disagreement within the Artificial Superintelligence (ASI) Alliance has now spiralled into public accusations, on-chain revelations, and an intervention from crypto exchange Binance. Allegations over token transfers The dispute centres on about 286 million Fetch.ai (FET) tokens — worth roughly $84 million — that were allegedly linked to Ocean Protocol’s actions before and after the ASI token merger. The merger, formed in 2024, aimed to unite Fetch.ai, Ocean Protocol, and SingularityNET under a shared token framework to strengthen their collective position in the AI and blockchain sectors. However, Fetch.ai CEO Humayun Sheikh now claims that Ocean Protocol mishandled large amounts of tokens tied to that merger. In a detailed post on X , Sheikh alleged that the Ocean Protocol Foundation minted and transferred 719 million OCEAN tokens in May 2023. Sheikh further claimed that by July 2025, more than 661 million of those tokens were swapped for 286 million FET, and that significant portions were later sent to exchanges and market-making firms without proper disclosure. Sheikh provided specific on-chain data, citing wallet addresses and transaction dates. He claimed that over 76 million FET were transferred to one wallet, with about 21 million eventually sent to Binance and 55 million linked to an address associated with market maker GSR. Another 13.5 million FET allegedly went to a wallet funded by ExaGroup. He said that the remaining tokens were later distributed across multiple Gnosis Safe wallets in August 2025 and have “mostly moved to Binance.” Binance restricts deposits of Ocean Protocol’s ERC-20 tokens Amid the turmoil, Binance announced that it will restrict deposits of Ocean Protocol’s ERC-20 tokens starting October 20. The exchange warned that deposits made after that date “will not be credited and may lead to asset loss.” Although Binance did not directly cite the Fetch.ai–Ocean dispute as the reason, Sheikh interpreted the move as a sign that the exchange was taking his public calls for investigation seriously. Industry watchers noted that the timing and the nature of the restriction — targeting ERC-20 deposits — suggest internal risk assessments, possibly linked to Ocean’s disputed on-chain activities. Class action and legal escalation Sheikh maintains that the actions taken by Ocean Protocol have damaged not only FET holders but also the credibility of the broader ASI Alliance. He has vowed to personally fund class-action lawsuits in at least three jurisdictions. He called on FET holders who suffered losses during what he called “the Ocean action” to prepare evidence and submit claims once a formal channel is opened. Humayun @HMsheikh4 · Follow If you are or were a holder of $fet and have lost money during this Ocean action be ready with your evidence. I am personally funding a class action in 3 or possibly more jurisdictions. I will be setting up a channel for all to submit your claims. Hold tight and be ready! 2:02 PM · Oct 16, 2025 0 Reply Copy link Read more on Twitter Sheikh also urged Binance, GSR, and ExaGroup to investigate the transfers, describing the situation as “something that would be classed as a rug pull” if done by a stand-alone project. Ocean denies allegations Ocean Protocol has firmly denied the accusations. In a statement issued on X , the foundation said it remains “working and active” and described Sheikh’s posts as “unfounded claims and harmful rumours.” The statement suggested Ocean is preparing a detailed legal and public response while adhering to legal boundaries. Ocean Protocol asserted that its treasury remains safe and will continue to be used for the benefit of the Ocean community. Ocean also revealed that an adjudicator had already reviewed aspects of the dispute under the ASI Alliance’s merger framework. The foundation said it had offered to waive confidentiality so that the findings could be made public, but claimed Sheikh refused. The post Fetch.ai CEO threatens class action against Ocean Protocol appeared first on Invezz

Fetch.ai ($FET) has regained 200% of its sharp drop and is stabilizing above $0.37 with indicators of new accumulation. Technical structure shows $FET defending the $0.34–$0.36 range, suggesting buyers may be regaining short-term control. Analysts note a potential trend reversal ...

Date: Sat, Oct 11, 2025 | 04:20 PM GMT The cryptocurrency market has witnessed one of the most unforgettable and painful events in the last 24 hours, with a complete bloodbath following the news that President Donald Trump announced a 100% tariff on goods from China — sparking pa...