Crypto’s flagship AI project fractures: Fetch sues Ocean over 263M FET ‘community’ sales
Fetch.ai is suing Ocean Protocol and its founders over the alleged misuse and sale of community tokens following their departure from the ASI Alliance.Summary
The Artificial Superintelligence (ASI) Alliance is fracturing as Fetch.ai, along with token holders, filed a class-action lawsuit against Ocean Protocol, its founders, and related entities in the Southern District of New York. Fetch alleges that Ocean misled the community by claiming hundreds of millions of OCEAN tokens were reserved for DAO rewards, but instead transferred these assets to a Cayman Islands entity, converted them to FET, and sold approximately 263 million FET, negatively impacting FET's value and undermining the DAO's governance model. Ocean Protocol Foundation denies the claims, calling the lawsuit a social media stunt. The lawsuit seeks class certification, damages, and equitable relief, focusing on whether the purportedly decentralized OceanDAO was secretly controlled by a small group that redirected community assets. SingularityNET's CEO acknowledged being surprised by Ocean's actions but affirmed the ASI Alliance continues without them.
(Source：CryptoSlate)