The drama around the ASI alliance has escalated. This time, it’s Ocean Protocol in the spotlight, accused of offloading over $100 million worth of community tokens.
Fetch AI has publicly accused Ocean Protocol of this misconduct and concealment following a series of large token transfers.
Back in March 2024, Ocean Protocol, Fetch AI, and SingularityNET announced a bold move, a merger under the Artificial Superintelligence (ASI) Alliance.
The goal: unify their projects under one token, $FET, to streamline liquidity and drive interoperability across decentralized AI ecosystems.
Under the deal, holders of $OCEAN and $AGIX could convert their tokens to $FET at a fixed rate.
In theory, all assets would be consolidated, simplifying governance and ecosystem participation.
But as the data shows, Ocean Protocol didn’t fully let go of its legacy tokens.
Despite the merger, Ocean Protocol’s team retained a significant stash of $OCEAN.
According to their public communications, these tokens were earmarked for “community incentives” and “data farming rewards.”
However, on July 1st, 2024, a wallet identified as belonging to the Ocean Protocol team, 0x4D9B, initiated a major transfer:
That transaction immediately raised questions. Why would tokens meant for “community programs” be moving to OTC desks?
The story didn’t end there.
On August 31st, the same wallet split the remaining 196 million $FET into 30 fresh addresses.
By October 14th, almost all of these wallets had forwarded their balances to Binance or OTC providers.
In total, an estimated 270 million $FET left Ocean-associated wallets:
The movements suggest systematic liquidation, even though Ocean Protocol hasn’t confirmed any sales.
Then came another shock.
On October 9, Ocean Protocol announced its withdrawal from the ASI Alliance.
No reason was provided. No statement referenced the massive token movements.
The timing, right after the transfers, only deepened community suspicion.
Fetch AI, one of the three ASI partners, went public with accusations of “unethical and undisclosed dumping” by the Ocean Protocol team.
Their posts gained traction on X, fueling a new wave of speculation about how much $FET had been sold.
Ocean’s CEO quickly denied the claims, calling them “unfounded and baseless rumors.”
He stated that the team was preparing a formal statement to clarify what happened.
As of now, no detailed reply has been issued.
Bubblemaps, the blockchain analytics platform tracking the incident, confirmed they’ve reached out to the Ocean team, but have received no response.
Their data does confirm, however, that the Ocean-linked multisig wallet:
That’s where the on-chain trail ends.
At this stage, there’s no direct proof that the transferred tokens were sold.
On-chain activity alone can’t confirm liquidation.
But historically, such large transfers to CEXs and OTC desks are often tied to off-market sales or liquidity exits.
According to Bubblemaps, the behavior “mirrors typical liquidation patterns,” though the final destination of the $FET remains unverified.
The case has now been added to Intel Desk, Bubblemaps’ open investigation hub, where community analysts are free to trace the flow.
If Ocean Protocol did indeed sell part of its “community incentive” tokens, the implications go beyond a single project.
It would signal a serious breach of trust within the ASI ecosystem, one that could undermine the broader narrative of decentralized AI collaboration.
The ASI alliance was built on transparency. The merging of three independent projects, each with distinct communities, required absolute trust in how tokens were managed.
Any perceived misconduct could fracture that trust completely.
Since the news broke, $FET has shown slight volatility but remains relatively stable.
As of today, CoinMarketCap data shows:
Traders remain cautious, with on-chain sentiment shifting toward “watch mode” until Ocean provides clarification.
This isn’t the first controversy surrounding token consolidation or alliance mergers.
When multi-project ecosystems merge, treasury transparency becomes a critical weak point.
Ocean Protocol’s case underscores that even well-established teams can face accountability challenges once funds are repurposed or redistributed off-chain.
If proven true, the $120M transfer would represent one of the largest undeclared token dumps in recent history, and a major setback for ASI’s credibility.
Until Ocean Protocol releases its full statement, speculation will continue.
The Bubblemaps investigation remains open, and community sleuths are already analyzing linked wallets, exchange inflows, and OTC desk activity.
The ASI alliance, once hailed as the future of decentralized AI, now faces its toughest stress test yet.
Whether the fallout ends in a formal audit or a public reconciliation remains to be seen.
For now, one fact is clear, over 270 million $FET left Ocean’s wallets, and nobody knows why.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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