Fetch.ai Alleges Secret OCEAN-to-FET Conversions, FET Slides
Fetch.ai CEO Humayun Sheikh has accused Ocean Protocol of undisclosed OCEAN-to-FET conversions after the 2024 ASI Alliance merger. Onchain data from Bubblemaps shows a multisignature wallet converted 661 million OCEAN into 286 million FET, moving about 270 million FET (roughly $120m) to Binance and GSR Markets without disclosure. Sheikh offered a $250,000 bounty for wallet signatories’ identities and threatened class-action lawsuits. The alleged secret OCEAN-to-FET conversion has triggered Binance to suspend OCEAN deposits and sent FET 9% lower to $0.25. Ocean Protocol denies wrongdoing and plans a formal response. Traders should monitor FET volatility, onchain analysis updates, and regulatory scrutiny as token governance and multisig transparency issues could drive further price swings.
Bearish
The allegations of undisclosed OCEAN-to-FET conversions and subsequent Binance suspension have already pushed FET down 9%, indicating bearish sentiment. Short-term, ongoing legal threats and transparency concerns are likely to heighten volatility and pressure on FET prices. Long-term, the resolution of lawsuits, regulatory scrutiny, and community trust restoration will be critical but uncertain, keeping risk elevated for traders.