Fetch.ai sues Ocean Protocol: Accuses improper sale of 263 million FET tokens

Deep Tide TechFlow News, November 8th, according to Cryptoslate, Fetch.ai has filed a class-action lawsuit against Ocean Protocol, accusing it of misleading the community and mishandling tokens within the Artificial Intelligence Alliance ASI. The lawsuit states that Ocean transferred approximately 700 million OCEAN tokens originally promised for community rewards to a Cayman Islands entity, then converted them into about 286 million FET and sold approximately 263 million on the market, causing FET’s price to drop. Fetch.ai’s lawyers stated that Ocean misled the token community and merger partners, profiting millions of dollars from the actions. Ocean Protocol denies the allegations, claiming the lawsuit is merely social media hype. Goertzel, co-founder of the ASI Alliance, expressed disappointment with Ocean’s behavior but said the alliance will continue to promote decentralized AI development.

Previously, Fetch.ai demanded that Ocean Protocol Foundation return $120 million worth of FET tokens to avoid legal disputes.