A serious dispute has emerged involving Humayun Sheikh, CEO of Fetch.ai, and the Ocean Protocol Foundation, escalating the prior initial disagreement.
Sheikh is now offering a bounty of $250,000 for information leading to the identification of individuals responsible for a digital wallet connected to OceanDAO and their relationship to the Ocean Protocol Foundation.
This reward follows Sheikh’s public allegations regarding a wallet associated with Ocean Protocol, claiming it handled a significant volume of Fetch.ai tokens without appropriate transparency.
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He claims that approximately 286 million FET tokens, valued at around $80 million at the time of the transactions, were transferred from sources associated with Ocean.
Sheikh asserts that Ocean generated new OCEAN tokens prior to a projected merger, exchanged them for FET, and subsequently dispatched those FET tokens to major cryptocurrency exchanges.
The Ocean Protocol team has denied these accusations. However, Bubblemaps, a blockchain analytics platform, detected transactions originating from a wallet linked to Ocean.
These observed transactions seemingly involved the conversion of about 661 million OCEAN tokens into 286 million FET tokens. Bubblemaps further highlighted that a substantial portion of the FET tokens ultimately landed on various crypto trading platforms.
According to a statement on X, the blockchain tracking service reported:
Despite the pending union, the Ocean Protocol organization retained a considerable quantity of OCEAN within their wallets, ostensibly earmarked for ‘community rewards’ and ‘data incentivization’.
More specifically, roughly 160 million FET were moved to Binance, a prominent cryptocurrency exchange, while approximately 109 million FET were reportedly delivered to GSR Markets, a trading company.
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