[Fetch.ai Sues Ocean Protocol, Accusing Improper Sale of 263 Million FET Tokens]
On November 8, Fetch.ai filed a class-action lawsuit against Ocean Protocol, accusing it of misleading the community within the Artificial Intelligence Alliance (ASI) and mishandling tokens. 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 into approximately 286 million FET tokens. About 263 million of these were sold on the market, causing a drop in FET's price. Fetch.ai's lawyers stated that Ocean misled the token community and its merger partners, profiting millions of dollars in the process. Ocean Protocol denied the allegations, calling the lawsuit mere social media hype. ASI Alliance co-founder Goertzel expressed disappointment in Ocean's actions but affirmed that the alliance would continue advancing decentralized AI development. Previously, Fetch.ai had requested Ocean to return $120 million worth of FET tokens to avoid legal disputes.