The artificial intelligence (AI) crypto community is heavily rattled due to a miscommunication between the members of the Artificial Superintelligence Alliance (FET). What’s supposed to be a three-fold alliance between the likes of Ocean Protocol, SingularityNET & Fetch.ai.
Boiling FET Community Throws Foul Play Accusations
Formerly going live with the ASI ticker, the AI platform-unifying coin was switched back to the original Fetch.AI ticker symbol FET after the merge went live in March, 2024. Forming the AI union in 2024, SingularityNET & Ocean Protocol (OCEAN) gave up their native tokens, converting them to FET coin at a fixed rate.
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However, with what happened last month, nobody had seen it coming. Ocean Protocol (OCEAN), a key member of the ASI alliance, decided to step out the game quietly and sold off a massive 270 million FET tokens in a blink of an eye. According to the on-chain sleuths on Bubblemaps, Ocean didn’t notify the other two parties about the massive sell-offs.
This was done by sending the 270 FET coins to Binance and a less-known Over The Counter (OTC) provider. Moreover, this coincided with Ocean Protocol’s shocking exit from the alliance on October 9, 2025 without public explanation on why these tokens were moved & sold off in a secretive manner, leaving the FET holder community fuming & demanding answers.
Affected FET Holders Urged To Join Class-Action Lawsuit
Previously, Ocean Protocol’s team set aside a large chunk of OCEAN tokens to bolster community initiatives & farm data, even though the initial agreement was to convert all of the digital assets to FET coin. The team went on to convert OCEAN to FET in July, 2024, but that’s also when the sell-off started.
By October 14, 2025, all of these retained funds were sold off to Binance or OTC providers, while Fetch.AI’s team had started a reimbursement plan for affected FET coin holders. Because of this, the remaining members of the Artificial Superintelligence Alliance (FET) are penning a class-action lawsuit against Ocean.
Per the community statement, all Fetch.AI (FET) holders who either held those tokens through October 8, 2025 or sold them after this date might be eligible for a full refund. Ultimately, this depends on the legal counsel to assess the contractual agreements established during the alliance’s establishment back in March, 2024.
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The AI crypto currency ropped over 52% since last month. Fell 5-10% right after Ocean exit on Oct 9. Now trades at ~$0.26, down 93% from $3.22 peak.
Exited ASI Alliance for independence. Cited vision differences on AI focus. 81% OCEAN swapped to FET; 270M tokens still unconverted in 37K crypto wallets.
Bubblemaps showed Ocean swapped 661M OCEAN to 286M FET (~$191M). Dumped 160M to Binance, 109M to GSR by mid-Oct. CEO Sheikh called it a “rug pull.”
FET holders are furious, demand answers. Ocean denies wrongdoing, blames market volatility and other sales. Legal threats and class action whispers flying.
Oct 24 truce: Fetch.ai drops claims if Ocean returns 286M FET (~$120M at $0.42). Ocean awaiting written proposal. Could stabilize if tokens actually flow back.
