Artificial Superintelligence Alliance Dispute Escalates, Fetch.ai Demands Ocean to Return Around $120 Million Worth of FET Tokens

On October 24th, as per Cointelegraph, Fetch.ai and Ocean Protocol are currently in the process of seeking a resolution to a token dispute. However, both parties are currently at odds. The CEO of Fetch.ai stated during Thursday's X Spaces that if Ocean Protocol returns the 2.86 billion FET tokens that were allegedly sold during the merger, the company will withdraw all pending legal actions. According to Bubblemaps data, a multi-signature wallet associated with Ocean Protocol converted around 6.61 billion Ocean tokens into 2.86 billion FET tokens, with a total value of approximately $120 million. Previously reported, yesterday Ocean Protocol published a post outlining the reasons for leaving the Artificial Superintelligence Alliance (ASI). It accused partners SingularityNET (AGIX) and Fetch.ai (FET) of violating the alliance's core commitment of "each party retaining control of their assets." The price of the merged FET token plummeted by 93% from its peak, mainly due to significant sell-offs by SingularityNET and Fetch.ai, as well as Fetch.ai's own high-risk "TRNR" transaction failure, rather than Ocean Protocol's exit. In 2024, SingularityNET (AGIX) merged tokens with Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI), and the merged token was ultimately named ASI, which was completed on June 13, 2024.