The continuing feud between Fetch.ai CEO Humayun Sheikh and Ocean Protocol Basis took one other twist, because the CEO issued a bounty for extra info associated to an alleged misappropriation of tokens price hundreds of thousands of {dollars}.
Sheikh, in an X publish on Tuesday, provided a $250,000 reward for extra info on the signatories of OceanDAO’s multisignature pockets and their connection to the Ocean Protocol Basis.
A multisignature or multisig pockets is a cryptocurrency pockets that requires a number of signatures to execute and course of a transaction.
The $250,000 bounty provide comes days after the CEO alleged {that a} group pockets associated to Ocean Protocol misappropriated about 286 million Fetch.ai (FET) tokens price about $80 million at press time.
The misappropriation occurred throughout the 2024 merger of the Synthetic Superintelligence (ASI) Alliance, which mixed Fetch.ai, Ocean Protocol and SingularityNet right into a shared token framework.
Sheikh claimed that Ocean Protocol minted and transferred hundreds of thousands of OCEAN tokens earlier than the merger and transformed them into FET tokens earlier than transferring them to centralized exchanges with out the mandatory disclosures.
The feud escalated into authorized threats final week, after Sheikh pledged to fund class-action lawsuits throughout three or extra jurisdictions and referred to as on Binance, GSR and ExaGroup to analyze.
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Binance trade introduced ceasing assist for OCEAN token deposits on Thursday, however didn’t point out the dispute because the trigger behind the choice.
The escalating dispute additionally affected the FET token’s value, which fell 9% prior to now 24 hours and was buying and selling at $0.25 as of 8:47 pm UTC, Cointelegraph information reveals.
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Ocean Protocol moved $120 million of FET tokens to Binance and OTC suppliers: Bubblemaps
Whereas Ocean Protocol denied the allegations, onchain information factors to an Ocean Protocol-linked multisignature pockets changing about 661 million Ocean tokens into 286 million FET cash, in response to blockchain information platform Bubblemaps.
“Regardless of the merger, Ocean Protocol group saved a considerable amount of $OCEAN of their wallets – supposedly for ‘group incentives’ and ‘information farming,’” wrote in a Tuesday X publish, including:
“In complete, an estimated 270M $FET tokens had been despatched to Binance or an OTC supplier […] Whole worth: ~$120M.”
This included 160 million FET tokens transferred to Binance and 109 million transferred to GSR Markets.
Ocean Protocol withdrew from the Synthetic Superintelligence Alliance on Oct. 9, with no point out of the token transfers.
On Thursday, the protocol denied the allegations and mentioned it could put together a proper response to the “varied unfounded claims.”
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