Ocean Protocol has agreed to pay $120 million in FET tokens as part of a settlement with Fetch.ai over a dispute related to the proposed ASI Alliance merger. This agreement comes after allegations of undisclosed token transfers and potentially unauthorized minting during the merger process. Binance’s halt on ERC-20 OCEAN deposits also impacted liquidity, while Fetch.ai initiated community-driven efforts to collect evidence regarding alleged irregularities.
The controversy originated from disagreements over token management during the ASI Alliance’s attempt to integrate AI-centric crypto solutions since 2018. Fetch.ai CEO Humayun Sheikh had accused Ocean Protocol of unauthorized token minting and transfers to exchanges, alleging millions were moved without full transparency. This has prompted Binance to halt deposits on the ERC-20 OCEAN network for the time being.
Ocean Protocol will now return the funds as part of their settlement agreement with Fetch.ai. The move aims to resolve the dispute, but raises concerns about potential asset loss for users who continue to deposit using the affected method.
The dispute also highlights ongoing discussions about transparency and governance models within the crypto sector. Resources such as TradingView offer market insights and trading strategies to navigate the evolving situation.
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