Fetch.ai sues Ocean Protocol, accusing it of improperly selling 263 million FET tokens

According to CryptoSlate, Fetch.ai has filed a class-action lawsuit against Ocean Protocol, accusing it of misleading the community and mishandling tokens within the artificial intelligence alliance ASI.

The lawsuit claims that Ocean transferred approximately 700 million OCEAN tokens, originally promised for community rewards, to a Cayman Islands entity, which were then converted to about 286 million FET and approximately 263 million were sold on the market, leading to a drop in FET prices.

Fetch.ai's lawyers stated that Ocean misled the token community and merger partners, profiting millions of dollars from it. Ocean Protocol denies the allegations, claiming that the lawsuit is merely social media hype. ASI alliance co-founder Goertzel expressed disappointment in Ocean's actions, but the alliance will continue to advance decentralized AI development.

Previously, Fetch.ai requested that the Ocean Protocol Foundation return 120 million FET tokens to avoid legal disputes.