Bubblemaps: Ocean Protocol associated wallet suspected of dumping over $100 million in community tokens

PANews reported on October 21 that the blockchain analysis platform Bubblemaps posted on platform X: Ocean Protocol is suspected of dumping over $100 million worth of 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, adopting a single token FET after the merger, with OCEAN convertible to FET at a fixed exchange rate. After the merger, the Ocean Protocol team wallet still retained a large amount of OCEAN tokens, claimed to be used for “community incentives” and “data mining.” However, on July 1, its wallet (0x4D9B) exchanged 661 million OCEAN for 286 million FET (approximately $191 million) and sent 90 million FET to OTC supplier GSR Markets. On August 31, the wallet distributed the remaining 196 million FET to 30 new addresses. As of October 14, nearly all funds were transferred to Binance or an OTC provider, totaling about 270 million FET. On October 9, Ocean Protocol announced its withdrawal from the ASI alliance without explaining the reason or mentioning the transferred FET tokens. The FET team responded on platform X, accusing Ocean Protocol of dumping community tokens. The CEO of Ocean Protocol claimed the accusations were “baseless rumors” and stated that the team was preparing a formal response. Bubblemaps stated it could not confirm whether the FET tokens were sold by Ocean Protocol, but such transfers are usually related to cashing out. On-chain activity shows that the multi-signature wallet associated with Ocean Protocol exchanged 661 million OCEAN for 286 million FET and transferred 270 million FET to Binance and GSR. The Ocean team has been contacted but has not yet responded. Currently, this incident has been made public on the intelligence analysis platform for community investigation.