CEO of Fetch.ai, Humayun Sheikh, has offered a reward of 250,000 USD for anyone who provides information about the alleged embezzlement of 286 million FET tokens by the Ocean Protocol Foundation. Blockchain data shows that a wallet linked to Ocean Protocol converted 661 million OCEAN tokens to FET, although Ocean denies the allegations. The incident stems from the 2024 merger that created the Super AI Alliance (ASI) between Fetch.ai, Ocean Protocol, and SingularityNET.
Sheikh believes that Ocean issued and transferred millions of tokens before the merger, then sold them on the exchange without transparency. He committed to funding class action lawsuits and called for independent investigations by Binance, GSR, and ExaGroup. Binance subsequently suspended deposits of the OCEAN token. This dispute raises concerns about governance, transparency, and trust in blockchain projects that combine AI.
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