Fetch.ai Sues Ocean Protocol Over Alleged Sale of 263M FET Tokens

Fetch.ai filed a class-action lawsuit against Ocean Protocol in the U.S. District Court for the Southern District of New York on November 8, alleging mishandling of tokens within the ASI alliance, Cryptoslate reports. The complaint states Ocean Protocol transferred approximately 700 million OCEAN tokens—initially designated for community rewards—to a Cayman Islands entity, converted them into roughly 286 million FET, and sold about 263 million FET on the market, causing FET price declines. Ocean Protocol denied the allegations, calling the lawsuit social media hype, while ASI alliance co-founder Goertzel expressed disappointment with Ocean's actions but affirmed the alliance's commitment to decentralized AI development.