[Ocean Protocol Withdraws from ASI Alliance and Files Lawsuit, Accusing Partners of Breach of Contract]
Ocean Protocol recently issued a statement explaining the reasons for its withdrawal from the ASI Alliance and refuting the “false accusations” against it. Ocean accused its partners, SingularityNET and Fetch AI, of violating the alliance’s core commitment regarding “each party retaining control over its assets.” The statement pointed out that SingularityNET engaged in irresponsible financial operations after the merger, including issuing $100 million worth of tokens and maintaining a high monthly expenditure of $6 million. Meanwhile, Fetch founder Sheikh was accused of violating decentralization principles by attempting to force Ocean to convert the community treasury assets of oceanDAO into FET tokens, while simultaneously selling off large amounts of tokens.
Ocean stated that it had requested to withdraw as early as April 2024 due to the loss of the foundation for collaboration but faced legal threats. Ultimately, Fetch and SingularityNET attempted to unilaterally shut down the token bridge in August 2025, forcing Ocean to file a lawsuit and withdraw from the alliance. Ocean emphasized that the 93% price drop of FET tokens from their peak was primarily caused by the token sell-offs by the two partners and Fetch’s failed high-risk trades, rather than Ocean’s withdrawal. Ocean will continue to focus on independent development of technology and products, upholding decentralization principles and protecting community interests.