The conflict between Ocean Protocol and Fetch.ai has escalated into public legal threats and exchange interventions, with Binance restricting Ocean token deposits. Fetch.ai CEO Humayun Sheikh accused Ocean of minting 719 million OCEAN tokens in 2023 and converting 661 million into 286 million FET tokens in July 2025, alleging undisclosed transfers to centralized exchanges and market-making firms. Sheikh labeled this a potential "rug pull" and pledged to fund class-action lawsuits across multiple jurisdictions, calling on Binance, GSR, and ExaGroup to investigate.
In response, Ocean Protocol denied the allegations as "unfounded claims and harmful rumors," stating its treasury remains intact and suggesting waiving confidentiality over an adjudicator's findings, which Sheikh refused. The dispute arises from the Artificial Superintelligence (ASI) Alliance, a 2024 merger that combined Fetch.ai, Ocean Protocol, and SingularityNET under a shared token framework, but Ocean withdrew due to strategic divergences.
Binance announced it will cease support for Ocean deposits via ERC-20 starting October 20, 2025, warning that post-deadline deposits may not be credited, potentially leading to asset loss. While not explicitly citing the dispute, the move aligns with internal risk controls, as many disputed tokens are on Ethereum. This restriction impacts market liquidity and interoperability, with stakeholders monitoring for further legal resolutions or adjustments.
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