A dispute involving Humayun Sheikh, the CEO of Fetch.ai, and the Ocean Protocol Foundation has escalated to legal threats and adjustments in how Binance handles related digital currencies.
This disagreement stems from the establishment of the Artificial Superintelligence (ASI) Alliance earlier this year. This alliance aimed to unify Fetch.ai, Ocean Protocol, and SingularityNET under a single, shared cryptocurrency system.
Sheikh
asserted via a post on X that the Ocean Protocol generated a significant amount of OCEAN
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According to Sheikh, these tokens were subsequently moved to exchanges and market makers without appropriate disclosure or agreement.
Sheikh states that in 2023, Ocean Protocol created 719 million OCEAN tokens. From that total, 661 million OCEAN were exchanged for 286 million FET tokens around July 2025.
Binance
has announced that, starting October 20th, they will discontinue support for deposits of OCEAN tokens through the ERC-20 network. While other networks will remain functional, any deposits made using ERC-20 after that day will not be processed and may result in a loss of funds.
As a response, Sheikh has declared his intention to support class-action lawsuits in multiple countries. He also urged
Binance, GSR, and ExaGroup to investigate the situation thoroughly. He further called on
FET holders to compile information and pledged to establish a system for them to submit claims.
The Ocean Protocol team responded on X, characterizing these claims as unfounded and damaging. They affirmed that their treasury is secure and offered to publicly release findings from an independent audit. Additionally, they stated they are preparing a formal response.
Recently, Paxos, the organization managing PayPal’s PYUSD stablecoin, briefly created and then removed 300 trillion tokens from the blockchain in under half an hour. To find out what they said,
view the complete article.