Michaela
Fetch.ai CEO Humayun Sheikh has announced a bounty for information regarding the alleged misuse of 286 million Fetch.ai tokens, valued in the millions, by the Ocean Protocol Foundation.
Key points:
- Fetch.ai CEO Humayun Sheikh has offered a $250,000 bounty for information on the alleged misuse of 286 million FET tokens linked to the Ocean Protocol Foundation.
- Blockchain data suggests an Ocean Protocol-associated wallet converted 661 million OCEAN tokens into 286 million FET, despite Ocean’s denial of wrongdoing.
- The dispute, tied to the 2024 Artificial Superintelligence Alliance merger, has sparked calls for transparency and investigations from Binance, GSR, and ExaGroup.
On October 21, Sheikh took to X to announce a $250,000 bounty for information revealing the identities of the OceanDAO multisignature wallet signatories and their potential links to the Ocean Protocol Foundation.
A multisignature (or multisig) wallet is a type of cryptocurrency wallet that requires approval from multiple private keys before a transaction can be executed. This setup is commonly used by organizations and projects to enhance security and ensure that no single party can move funds unilaterally. In practice, it functions like a joint bank account, where several authorized signers must approve any transfer of assets.
Ocean Protocol has refuted the accusations made by the Fetch.ai CEO, though blockchain data indicates that a multisignature wallet associated with Ocean Protocol converted roughly 661 million OCEAN tokens into about 286 million FET.
Reports suggest the alleged token misappropriation took place during the 2024 merger that formed the Artificial Superintelligence Alliance (ASI), uniting Fetch.ai, Ocean Protocol, and SingularityNET under a shared token system. Sheikh claims that prior to the merger, Ocean Protocol minted and transferred millions of OCEAN tokens, later converting them into FET and moving the funds to centralized exchanges without proper disclosure.
Last week, Sheikh committed to financing class-action lawsuits in multiple jurisdictions and urged Binance, GSR, and ExaGroup to conduct independent investigations. Shortly after, Binance announced it would suspend support for OCEAN token deposits, though the exchange did not explicitly connect the move to the ongoing dispute between Fetch.ai and Ocean Protocol.
The dispute has intensified tensions within the ASI, raising fresh concerns about governance, transparency, and trust in cross-chain collaborations. As investigations continue, the outcome could shape how future AI-focused blockchain projects manage shared assets and community accountability.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
