Bubblemaps: Ocean Protocol associated wallet suspected of dumping over 100 million dollars in community tokens

ChainCatcher news, blockchain analysis platform Bubblemaps posted on platform X: Ocean Protocol is suspected of dumping over $100 million in community tokens, and Fetch AI has publicly accused it of misconduct. The data is as follows: In March 2024, Ocean Protocol, Fetch AI, and SingularityNET collaborated under the ASI alliance framework, merging to adopt a single token FET, with OCEAN convertible to FET at a fixed exchange rate.

After the merger, the Ocean Protocol team wallet still held a large amount of OCEAN tokens, claimed to be used for "community incentives" and "data mining." However, on July 1, its wallet (0x4D9B) exchanged 661 million OCEAN for 286 million FET (approximately $191 million) and sent 90 million FET to OTC provider GSR Markets. On August 31, the wallet dispersed the remaining 196 million FET to 30 new addresses, and as of October 14, nearly all funds had been transferred to Binance or an OTC provider, totaling approximately 270 million FET.

On October 9, Ocean Protocol announced its withdrawal from the ASI alliance, without stating the reason or mentioning the transferred FET tokens. The FET team responded on platform X, accusing Ocean Protocol of dumping community tokens. The CEO of Ocean Protocol called the accusations "baseless rumors" and stated that the team is preparing a formal response.

Bubblemaps stated that it could not confirm whether the FET tokens were sold by Ocean Protocol, but such transfers are typically related to monetization. On-chain activity shows that a multi-signature wallet associated with Ocean Protocol exchanged 661 million OCEAN for 286 million FET and transferred 270 million FET to Binance and GSR. The Ocean team has been contacted but has not yet responded. Currently, this incident has been made public on the intelligence analysis platform for community investigation.