The continuous fight in between Fetch.ai CEO Humayun Sheikh and Ocean Procedure Structure took another twist, as the CEO provided a bounty to find out more associated to a supposed misappropriation of tokens worth countless dollars.
Sheikh, in an X post on Tuesday, provided a $250,000 benefit to find out more on the signatories of OceanDAO’s multisignature wallet and their connection to the Ocean Procedure Structure.
A multisignature or multisig wallet is a cryptocurrency wallet that needs numerous signatures to perform and process a deal.
The $250,000 bounty deal comes days after the CEO declared that a group wallet associated to Ocean Procedure misused about 286 million Fetch.ai (FET) tokens worth about $80 million at press time.
The misappropriation took place throughout the 2024 merger of the Artificial Superintelligence (ASI) Alliance, which integrated Fetch.ai, Ocean Procedure and SingularityNet into a shared token structure.
Sheikh declared that Ocean Procedure minted and moved countless OCEAN tokens before the merger and transformed them into FET tokens before moving them to central exchanges without the required disclosures.
The fight intensified into legal dangers recently, after Sheikh vowed to money class-action claims throughout 3 or more jurisdictions and gotten in touch with Binance, GSR and ExaGroup to examine.
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Binance exchange revealed ceasing assistance for OCEAN token deposits on Thursday, however did not point out the conflict as the cause behind the choice.
The intensifying conflict likewise impacted the FET token’s rate, which fell 9% in the previous 24 hr and was trading at $0.25 since 8:47 pm UTC, Cointelegraph information programs.
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Ocean Procedure moved $120M of FET tokens to Binance and OTC service providers: Bubblemaps
While Ocean Procedure rejected the accusations, onchain information indicate an Ocean Protocol-linked multisignature wallet transforming about 661 million Ocean tokens into 286 million FET coins, according to blockchain information platform Bubblemaps.
” In spite of the merger, Ocean Procedure group kept a big quantity of $OCEAN in their wallets– allegedly for ‘neighborhood rewards’ and ‘information farming,'” composed in a Tuesday X post, including:
” In overall, an approximated 270M $FET tokens were sent out to Binance or an OTC company […] Overall worth: ~$ 120M.”
This consisted of 160 million FET tokens moved to Binance and 109 million moved to GSR Markets.
Ocean Procedure withdrew from the Artificial Superintelligence Alliance on Oct. 9, without any reference of the token transfers.
On Thursday, the procedure rejected the accusations and stated it would prepare an official action to the “different unproven claims.”
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