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Fetch.ai CEO Offers $250,000 for Ocean Wallet Whistleblower Info

Key Takeaways

  • ​Fetch.ai CEO Humayun Sheikh announced a $250,000 reward for details on OceanDAO wallet signers linked to Ocean Protocol;
  • Sheikh claims Ocean Protocol moved 286 million FET tokens to exchanges without public disclosure before their merger;
  • Ocean denies the claims, but Bubblemaps tracked 661 million OCEAN converted to 286 million FET, much of it sent to Binance and GSR Markets.

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Fetch.ai CEO Offers $250,000 for Ocean Wallet Whistleblower Info

A disagreement between Fetch.ai CEO Humayun Sheikh and the Ocean Protocol Foundation has taken a more serious turn.

Sheikh is offering a $250,000 reward to anyone who can provide details about individuals responsible for a digital wallet linked to OceanDAO, and how they are connected to the Ocean Protocol Foundation.

The reward offer follows Sheikh’s public claims that a wallet tied to Ocean Protocol handled a large number of Fetch.ai’s tokens without proper disclosure.

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He alleged that around 286 million FET FET $0.2404 tokens, worth roughly $80 million at the time, were moved from Ocean-related sources.

According to Sheikh, Ocean created new OCEAN OCEAN $0.2788 tokens before a planned merger, exchanged them for FET tokens, and then sent those tokens to major exchanges.

Ocean Protocol has rejected these claims. However, blockchain tracking tool Bubblemaps reported seeing transactions from an Ocean-linked wallet.

These transactions appeared to involve converting around 661 million OCEAN tokens into 286 million FET tokens. Bubblemaps also noted that a large portion of the FET tokens ended up on crypto platforms.

In a post on X, the blockchain tracking tool said:

Despite the merger, Ocean Protocol team kept a large amount of OCEAN in their wallets, supposedly for ‘community incentives’ and 'data farming'.

More specifically, around 160 million FET were transferred to Binance $15.12B , while 109 million FET were reportedly sent to GSR Markets, a trading firm.

Paxos, the company behind PayPal’s stablecoin PYUSD, recently created 300 trillion tokens and then removed them from the blockchain. What happened? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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