Humayun Sheikh, CEO of Fetch.ai, publicly offered a $250,000 bounty to anyone who can identify the signatories of OceanDAO’s multisignature (multisig) wallet and reveal their connections to the Ocean Protocol Foundation.
This move escalates an ongoing feud between Fetch.ai and Ocean Protocol, centered on allegations of token mismanagement ahead of their 2024 merger into the Artificial Superintelligence (ASI) Alliance.
The alliance, which also included SingularityNET, aimed to consolidate decentralized AI projects under a unified token framework (primarily FET). Ocean Protocol withdrew from the alliance on October 9, 2025, citing unspecified reasons, but Sheikh claims their pre-merger actions amounted to a “rug pull” on FET holders.
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Sheikh has accused Ocean Protocol of diverting community funds intended for the alliance, calling it a violation of trust. He has also pledged to fund class-action lawsuits in multiple jurisdictions and urged exchanges like Binance and market makers like GSR to investigate the transactions.
According to on-chain analytics from Bubblemaps, an Ocean Protocol-linked multisig wallet converted approximately 661 million OCEAN tokens minted in 2023 into 286 million FET tokens in July 2025—before the ASI merger fully took effect.
Of these, about 270 million FET valued at roughly $80–120 million at the time were transferred to exchanges: 160 million to Binance and 109 million to GSR Markets. Sheikh alleges these were alliance funds meant for community incentives and data farming, but were instead liquidated without disclosure, harming FET holders.
He described it as “funds intended for the community were diverted.” The conversions and dumps occurred amid the merger process, contributing to a 9% drop in FET’s price to around $0.25 shortly after the allegations surfaced. The ASI Alliance was once valued over $7 billion, but this dispute has strained investor confidence in AI-crypto collaborations.
Ocean Protocol’s Response
Ocean Protocol has denied the allegations as “unfounded claims and harmful rumors,” stating they are preparing a formal legal response while respecting applicable laws. They have not yet detailed the purpose of the transfers (e.g., claiming they were for legitimate incentives), but emphasized compliance with merger terms.
FET has seen volatility, while OCEAN support on Binance ended amid the pressure. The bounty may encourage on-chain sleuths to dig deeper into wallet activities. Undisclosed dump of 286M FET (~$80–120M) from community funds Legitimate conversions; details forthcoming in formal response
Violated trust, harmed FET holders; basis for lawsuits. Withdrew due to internal disagreements; denies wrongdoing. $250K bounty + funded class-actions; calls for exchange probes. Legal response in preparation; claims are “unfounded”.
The public dispute undermines trust in the Artificial Superintelligence (ASI) Alliance, which aimed to unify Fetch.ai, Ocean Protocol, and SingularityNET. The accusation of a “rug pull” suggests mismanagement of community funds, potentially deterring investors and developers from similar collaborative projects.
Both Fetch.ai and Ocean Protocol risk reputational harm. Ocean’s withdrawal and alleged token dumps could paint it as untrustworthy, while Fetch.ai’s aggressive response may be seen as divisive or vindictive by some in the community.
The allegations have already contributed to a 9% drop in FET’s price to ~$0.25, reflecting market sensitivity to governance disputes. Further revelations from the bounty could exacerbate volatility in FET and related tokens.
The scandal may dampen enthusiasm for AI-focused crypto projects, which rely on community trust and speculative investment. Investors may hesitate to back similar token-driven alliances, fearing mismanagement.
The focus on Ocean Protocol’s multisig wallet highlights vulnerabilities in decentralized governance. Multisigs, meant to ensure collective control, can obscure accountability if signatories are anonymous or act unilaterally. This could push projects toward stricter transparency protocols.
Sheikh’s call for exchange investigations and class-action lawsuits may invite regulatory scrutiny into token conversions and fund management, especially if the $80–120 million transfer is deemed manipulative or fraudulent.
Developers building on Fetch.ai or Ocean Protocol’s ecosystems may pause or shift focus, uncertain about the platforms’ stability or future funding since community incentives were allegedly misused. Sheikh’s pledge to fund lawsuits in multiple jurisdictions could set a precedent for legal accountability in crypto mergers.
If successful, it might encourage similar actions against other projects with opaque token practices. The $250,000 bounty is a novel approach to crowdsource accountability in crypto. If effective (e.g., identifying wallet signatories), it could inspire other projects to use bounties to resolve disputes, but it also risks escalating conflicts publicly.
GSR’s involvement as a recipient of 109 million FET raises questions about market makers’ roles in handling potentially contentious funds, possibly leading to tighter due diligence. The collapse of the ASI Alliance and Ocean’s exit highlight risks in crypto mergers, particularly around token conversions and fund allocation. Future alliances may face stricter pre-merger agreements or audits.
The dispute underscores the tension between rapid innovation in AI-crypto projects and the need for robust governance. Projects may need to prioritize transparent smart contract mechanisms to prevent similar conflicts. The bounty’s outcome—whether it exposes Ocean’s signatories or backfires on Fetch.ai—will likely influence investor trust, regulatory approaches, and the viability of large-scale crypto collaborations.