Fetch.ai, Ocean Protocol agree on return of $120M in FET tokens to avoid legal battle

Fetch.ai and the Ocean Protocol Foundation are attempting to resolve a dispute over $120 million worth of FET tokens without resorting to legal action. Fetch.ai CEO Humayun Sheikh stated he would drop all legal claims if Ocean Protocol returned the 286 million FET tokens allegedly sold during their merger. The offer includes covering legal costs associated with recovering the tokens. Blockchain data suggests that an Ocean Protocol-linked wallet converted 661 million Ocean tokens into 286 million FET coins, with significant amounts transferred to Binance and GSR Markets. Ocean Protocol denies the allegations but withdrew from the Artificial Superintelligence Alliance on October 9th. The FET token price has dropped significantly since the alliance's formation in March 2024, though Ocean Protocol founder Bruce Pon attributes this to broader market conditions and liquidity drains by SingularityNet and Fetch.ai.

(Source：Cointelegraph)