Ocean Protocol Basis has strongly denied allegations of token theft, claiming that every one group tokens stay with Ocean Expeditions.
The continued battle highlights critical governance challenges in cryptocurrency alliances and raises questions on belief and transparency.
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Tensions Rise After ASI Alliance Break up
Ocean Protocol Basis’s exit from the ASI Alliance, which included Fetch.ai and SingularityNET, ignited a bitter public dispute.
Nonetheless, the Basis maintains that Ocean group tokens are beneath the stewardship of Ocean Expeditions, a Cayman Islands authorized belief established independently in June 2025.
This place stands in direct distinction to public statements by Fetch.ai CEO Humayun Sheikh. The crypto government accused Ocean Protocol of misusing alliance funds and promoting over $100 million in group tokens earlier than leaving the alliance.
On-chain evaluation by Bubblemaps signifies that 661 million OCEAN tokens had been transformed to 286 million FET previous to the deliberate merger. In the meantime, 270 million FET had been moved to centralized exchanges.
By July 2024, many of the OCEAN provide had been swapped for FET, though about 270 million OCEAN tokens stay unfold throughout greater than 37,000 wallets.
These actions, together with Ocean Protocol’s abrupt withdrawal, fueled allegations that the venture “exploited the alliance for visibility,” as described in a BeInCrypto evaluation.
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The dissolution additionally triggered important market volatility. FET declined 92% from March highs, whereas OCEAN fell 87% from its peak.
FET/USDT and OCEAN/USDT Worth Efficiency. Supply: TradingView
These worth swings elevated scrutiny on governance and transparency throughout all companion initiatives.
Competing Allegations and Authorized Threats
The dispute turned authorized when Sheikh supplied a $250,000 bounty to disclose OceanDAO multisig pockets signers, elevating the stakes towards potential litigation throughout a number of jurisdictions.
He argues that the conversion of group tokens earlier than the merger violated the alliance’s supposed spirit. Binance’s latest transfer to halt OCEAN deposits, together with the alliance token sell-off, appeared to coincide with these occasions, heightening investor nervousness.
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Ocean Protocol Basis described Sheikh’s statements as “false, misleading, and libelous.” The Basis insists that neither OceanDAO nor Ocean Expeditions signed the ASI Alliance Token Merger Settlement.
Ocean Expeditions, as an unbiased entity, holds the group treasury solely for group profit and has no authorized obligations to the alliance or the merger framework.
“The OPF asserts that Ocean Expeditions has no legal obligations to the ASI Alliance, while Fetch.ai is still required by the Token Merger Agreement to inject 110.9 million $FET into the OCEAN:FET bridge contract—a requirement reportedly not yet fulfilled,” Ocean Protocol Basis defined.
Ocean Protocol’s management believes these public allegations generate confusion and reputational threat for all events.
On X, Ocean emphasised its dedication to transparency and decentralization, describing its actions as a “right to chart a separate course” and defend “sovereign property ownership.”
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Governance, Fame, and Restoration Efforts
The repercussions of the breakup prolong past accusations and lawsuits. Ocean Protocol’s repute is beneath scrutiny as critics name its exit opportunistic.
In the meantime, others see it as an try to revive its identification. To handle declining token values and reassure traders, the Basis introduced plans to purchase again and burn $OCEAN tokens with venture earnings. It has invited exchanges to relist the token.
These steps intention to strengthen Ocean’s give attention to decentralized knowledge infrastructure and to separate from broader AGI financial system narratives favored by former companions.
Unresolved obligations relating to the OCEAN: FET bridge and the fallout from public accusations proceed to have an effect on each Ocean Protocol and the ASI Alliance.
How these issues are settled may set necessary precedents for crypto coalitions and decentralized governance. Buyers now await the following steps as the 2 sides compete to form the sector’s future course.
