The feud between Fetch.ai and the Ocean Protocol Foundation could also be coming to an end as either side attempt to search out middle ground without escalating right into a full-blown legal battle.
On Thursday, Fetch.ai said it might drop all pending legal claims against the Ocean Protocol Foundation if it returns the 286 million Fetch.ai (FET) tokens that were allegedly sold during their merger.
“They predict a legal proposal from us for the return of the tokens,” Fetch.ai CEO Humayun Sheikh said during an X Spaces show on Thursday, adding:
“You can receive my letter tomorrow. The offer is straightforward: return the tokens to my community. I’ll drop all legal claims.”
Sheik also offered to cover legal costs for the outstanding contract, which might lead to the recovery of the tokens.
Source: Fetch.ai
Ocean Protocol will conform to return the tokens when the offering is officially placed on paper, said FET-based validator node GeoStake, the protocol that helped broker the deal.
The formal offer could possibly be placed on paper as early as Friday, Sheikh said in the course of the X Spaces show.
The agreement would allow the 2 parties to resolve the misunderstandings without the necessity for a lengthy legal battle that might damage each parties' reputations and funds.
The latest proposal got here days after Sheikh offered a $250,000 reward for more information in regards to the signatories of OceanDAO's multi-signature wallet and their connection to the Ocean Protocol Foundation.
A multisignature or multisig wallet is a cryptocurrency wallet that requires multiple signatures to execute and process a transaction.
Ocean Protocol faces charges over $120 million token dump allegations
Although Ocean Protocol denies the embezzlement allegations, blockchain data suggests that a multisignature wallet linked to Ocean Protocol converted roughly 661 million Ocean tokens into 286 million FET coins, price around $120 million on the time, in response to blockchain data platform Bubblemaps.
This included 160 million FET tokens transferred to Binance and 109 million transferred to GSR Markets.
Ocean Protocol withdrew from the Artificial Superintelligence Alliance on October 9 without mentioning the token transfers.
Since the Artificial Superintelligence Alliance (ASI) announcement in March 2024, the FET token has fallen by over 93%, from a high of $3.22 to around $0.26 on the time of writing.
However, in response to Ocean Protocol founder Bruce Pon, the worth drop was not triggered by Ocean Protocol's exit from the ASI. In a blog response on Thursday, he wrote:
“[The 93% drop] was because of general market sentiment and volatility, as SingularityNet and Fetch drained liquidity from all the community by dumping greater than $500 million price of $FET tokens, a reckless TRNR deal that didn’t anticipate a cryptocurrency decline of greater than 45% […]”
“Ocean has decided that it cannot in good conscience remain a part of the ASI Alliance,” the founder added, promising to release a “claim-by-claim refutation” of all recent allegations.
