The CEO of Fetch.AI (FET) has offered a reward to uncover Ocean Protocol’s move after the project was accused of liquidating millions of tokens, affecting the FET’s price and its holders.
On Tuesday, Humayun Sheikh, CEO of Fetch.AI, offered a bounty $250,000 to anyone who could “uncover the OceanDAO signatories and their connections to Ocean Foundation.” The post followed last week’s allegations that Ocean Protocol had dumped hundreds of millions of FET tokens into crypto exchanges earlier this year.
Over a year later, Ocean Protocol Foundation announced its departure from the alliance, sharing on October 9 that it had resigned as a member of the ASI Alliance, “effective immediately.”
According to Bubblemaps’ analysis, Ocean Protocol’s team wallet (0x4D9B) converted 661 million OCEAN into 286 million FET, worth $191 million on July 1, and later sent 90 million FET to an OTC provider, GSR Markets.
On August 31, the team wallet split the remaining 196 million FET across 30 new addresses. By October 14, most of these addresses had sent the funds to Binance or the OTC provider.
“We can’t confirm whether the $FET tokens were sold by Ocean Protocol, although such transfers are typically associated with liquidation,” the platform noted, adding that on-chain activity only shows a multisig wallet linked to the protocol swapped millions of OCEAN tokens for FET, and sent them to Binance and GSR.
As of this writing, FET trades at $0.25, an 8.3% decline in the daily timeframe.
