FET Drops Over 10% as Fetchai Pushes Legal Action Against Ocean Protocol

The conflict between Fetchai and Ocean Protocol, two blockchain projects that once teamed up under the Artificial Superintelligence Alliance, is heating up amid growing concerns that Ocean Protocol quietly dumped over a $100 million worth of FET tokens.

In an X post on Monday, Oct. 20, Fetchai announced that it’s organizing “collective legal action” representing FET holders affected by Ocean Protocol’s alleged conversion and transfer of tokens that Fetchai says resulted in losses for token holders.

Fetchai claims that in July, Ocean Protocol converted 661 million OCEAN tokens into 286 million FET, and later moved most of these tokens to exchanges, resulting in “demonstrable market impact and financial loss to FET holders.”

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