Fetch.ai offers to drop legal action if Ocean Protocol returns disputed FET tokens

￰0￱ and Ocean Protocol are nearing a resolution to their dispute over $120 million in ￰1￱ CEO Humayun Sheikh said he will drop all legal claims if Ocean Protocol returns 286 million FET tokens from their past ￰2￱ said during a live X talk that he will soon send a legal proposal to Ocean ￰3￱ 5,000 people listened as he explained how he wants to rebuild trust in the ￰4￱ ￰5￱ asks Ocean Protocol to return $120M worth of FET tokens ￰6￱ CEO Humayun Sheikh stated that he aims to resolve the matter peacefully with Ocean Protocol through open discussions and a written agreement, rather than resorting to court proceedings and incurring significant time and financial ￰7￱ told listeners that the company prioritized maintaining the trust of thousands of community members who believed in the project’s long-term ￰8￱ went ahead and promised Ocean Protocol that his company would drop all legal claims and stop any lawsuits connected to the dispute ￰9￱ for this to happen, Ocean Protocol has to return the 286 million FET ￰10￱ sweeten the deal, the CEO stated that ￰11￱ would cover all legal costs necessary to finalize the agreement.

“You can have my letter ￰12￱ offer is simple: give my community back the tokens. I will drop every legal claim.” He also stated that ￰13￱ aims to repair its relationship with Ocean Protocol and ensure its community feels safe and respected once ￰14￱ Sheikh wanted both companies to focus on innovation instead of engaging in public disputes, as each had worked hard to establish a reputation for itself. A validator node called GeoStaking has been facilitating communication between the two teams and stated that Ocean Protocol would agree to return the tokens once it receives an official written ￰15￱ responded and said the document is in the works and could even be sent by ￰16￱ dispute between ￰17￱ and Ocean Protocol began months ago and has only worsened since a joint project called the Artificial Superintelligence Alliance (ASI) ￰18￱ project united Fetch.

ai, Ocean Protocol, and SingularityNET to build a stronger AI ecosystem; however, problems emerged immediately after the merger ￰19￱ to reports, the teams disagreed on management, and Sheikh even called out Ocean Protocol for mishandling funds connected to the ￰20￱ stated that their actions caused the value of Fetch. ai’s ETF token to ￰21￱ Protocol denies wrongdoing and blames wider market losses Ocean Protocol denied any claims of wrongdoing and said it was responsible throughout the merger ￰22￱ data from blockchain analytics firm Bubblemaps indicated ￰23￱ to the report, a multisignature wallet linked to Ocean Protocol converted around 661 million Ocean tokens into 286 million FET tokens (about $120 million at that time).

The data also indicated that 160 million of those tokens were sent to Binance and another 109 million to GSR ￰24￱ massive movements raised a lot of eyebrows in the community, and people started accusing Ocean Protocol of secretly selling the ￰25￱ controversy deepened when Ocean Protocol withdrew from the Artificial Superintelligence Alliance on October 9 without explaining the large ￰26￱ company’s withdrawal caused the price of the FET token to drop from $3.22 to about $0.26 (an entire 93% drop). As a result, investors and community members blamed Ocean Protocol, but the company denied all ￰27￱ Protocol published a blog post on Thursday, where its founder, Bruce Pon, directly addressed the accusations made by Fetch.

ai’s ￰28￱ stated that Ocean Protocol was not responsible for the decline in the price of the Fet token and attributed it to the broader crypto market and liquidity ￰29￱ per his words, “the 93% drop was due to broader market sentiment and volatility.” Pon went further and accused both ￰30￱ and SingularityNET of “draining liquidity from the entire community.” He claimed they sold more than $500 million worth of FET tokens, which he said caused panic among ￰31￱ founder also defended his company’s decision to leave the ASI ￰32￱ said Ocean Protocol could not “in good conscience” be part of a project that no longer aligned with its values or financial ￰33￱ analysts suggest that both companies should resolve this issue peacefully to regain investor confidence and refocus on innovation rather than engaging in a ￰34￱ $50 free to trade crypto when you sign up to Bybit now