[Ocean Protocol Allegedly Sells Over $100 Million in Community Tokens, On-Chain Activity Sparks Controversy]
Blockchain analytics platform Bubblemaps revealed that the Ocean Protocol team wallet allegedly sold over $100 million worth of community tokens. In March 2024, Ocean Protocol collaborated with Fetch AI and SingularityNET under the ASI Alliance framework, merging into a single token, FET. OCEAN tokens could be exchanged for FET at a fixed rate. However, after the merger, the Ocean Protocol team wallet retained a large amount of OCEAN tokens, claiming they were for 'community incentives' and 'data mining.'
On July 1, the wallet exchanged 661 million OCEAN tokens for 286 million FET tokens (approximately $191 million) and subsequently transferred 90 million FET tokens to OTC provider GSR Markets. On August 31, the wallet further dispersed the remaining 196 million FET tokens across 30 new addresses. As of October 14, nearly all funds had been transferred to Binance or an OTC provider, totaling approximately 270 million FET tokens.
On October 9, Ocean Protocol announced its withdrawal from the ASI Alliance but did not provide reasons or address the transferred tokens. The Fetch AI team accused Ocean Protocol of selling community tokens, while Ocean Protocol's CEO denied the allegations, calling them 'baseless rumors.' Bubblemaps stated it could not confirm whether the tokens were sold but noted that on-chain activity from the related wallet typically aligns with liquidation behavior. The incident has been made public for community investigation, and Ocean Protocol has yet to issue an official response.