TLDR
- Fetch.ai CEO Humayun Sheikh announced a $250,000 bounty for information on OceanDAO multisig wallet signers.
- Sheikh accused Ocean Protocol of converting and transferring 286 million FET tokens without proper disclosure.
- The alleged token transfers were linked to the 2024 merger forming the Artificial Superintelligence Alliance.
- Onchain data indicated that Ocean Protocol moved tokens worth about $120 million to major exchanges.
- Ocean Protocol denied all allegations and stated that a formal response would be released soon.
A fresh controversy erupted as Fetch.ai CEO Humayun Sheikh offered a $250,000 bounty. He seeks details about signatories of OceanDAO’s multisignature wallet. The wallet is allegedly tied to Ocean Protocol’s leadership.
Fetch.ai CEO Accuses Ocean Protocol of Misuse
Humayun Sheikh claimed Ocean Protocol transferred 286 million FET tokens without approval. He linked the transfers to wallets associated with the Ocean team. These transfers allegedly occurred before the ASI merger in 2024.
He stated Ocean Protocol converted millions of its tokens into FET before the alliance. Then, the tokens were reportedly sent to centralized exchanges without any disclosures. Sheikh asserted this was done using funds meant for the alliance.
In a recent X post, he announced a $250,000 bounty for information on OceanDAO’s multisig signers. The aim is to establish their connection with the Ocean Protocol Foundation. His post intensified scrutiny of Ocean Protocol’s pre-merger token activities.
Ocean Protocol Converted Tokens Before ASI Alliance
According to Bubblemaps, onchain data shows Ocean Protocol converted 661 million OCEAN into 286 million FET. These conversions reportedly happened before the ASI alliance took effect. The alliance included Ocean Protocol, Fetch.ai, and SingularityNet.
Ocean Protocol allegedly claimed the tokens were for community incentives and data farming. However, blockchain records show 270 million FET tokens were sent to exchanges. Specifically, 160 million went to Binance and 109 million to GSR Markets.
Ocean Protocol has denied the allegations made by Sheikh. The protocol announced it would issue a formal response. Still, the wallet activity has drawn growing attention from analysts and the crypto community.
Binance Ends Support While Legal Pressure Mounts
Following the claims, Binance ended deposit support for OCEAN tokens. Though it did not link the move to the dispute, the timing raised questions. The decision came after Sheikh called for investigations from Binance, GSR, and ExaGroup.
He also pledged to fund class-action lawsuits across three or more jurisdictions. The legal strategy aims to hold Ocean Protocol accountable. Sheikh’s efforts have significantly heightened the tension between the teams.
Ocean Protocol withdrew from the ASI alliance on October 9. However, the protocol did not address any of the token transfer claims. It continues to reject what it described as “various unfounded claims.”
The post Ocean Protocol Under Fire as $250K Bounty Targets Token Transfers appeared first on Blockonomi.
Source: https://blockonomi.com/ocean-protocol-under-fire-as-250k-bounty-targets-token-transfers/