Bubblemaps: Ocean Protocol-linked wallets suspected of dumping over $100 million in community tokens

ChainCatcher news, blockchain analytics platform Bubblemaps posted on 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 exchangeable for FET at a fixed rate.

After the merger, the Ocean Protocol team wallet still held a large amount of OCEAN tokens, claiming they were for "community incentives" and "data mining." However, on July 1, its wallet (0x4D9B) swapped 661 million OCEAN for 286 million FET (about $191 million), and sent 90 million FET to OTC provider GSR Markets. On August 31, the wallet distributed the remaining 196 million FET to 30 new addresses. As of October 14, almost all funds had been transferred to an exchange or an OTC provider, totaling about 270 million FET.

On October 9, Ocean Protocol announced its exit from the ASI Alliance, without stating the reason or mentioning the transferred FET tokens. The FET team responded on X, accusing Ocean Protocol of dumping community tokens. Ocean Protocol's CEO called the accusation "baseless rumors" and said the team is preparing an official response.

Bubblemaps stated it cannot confirm whether the FET tokens were sold by Ocean Protocol, but such transfers are usually related to cashing out. On-chain activity shows that a multisig wallet associated with Ocean Protocol swapped 661 million OCEAN for 286 million FET, and transferred 270 million FET to an exchange and GSR. The Ocean team has been contacted but has not yet responded. Currently, the incident has been made public on the intelligence analysis platform for community investigation.