Ocean Protocol Denies Token Theft Allegations as ASI Alliance Rift Deepens

Ocean Protocol Foundation has strongly denied allegations of token theft, claiming that all community tokens remain with Ocean Expeditions.

The ongoing conflict highlights serious governance challenges in cryptocurrency alliances and raises questions about trust and transparency.

Ocean Protocol Foundation’s exit from the ASI Alliance, which included Fetch.ai and SingularityNET, ignited a bitter public dispute.

However, the Foundation maintains that Ocean community tokens are under the stewardship of Ocean Expeditions, a Cayman Islands legal trust established independently in June 2025.

This position stands in direct contrast to public statements by Fetch.ai CEO Humayun Sheikh. The crypto executive accused Ocean Protocol of misusing alliance funds and selling over $100 million in community tokens before leaving the alliance.

I did not make it personal, my only questions are related to community tokens which I feel have been taken unethically and unlawfully. @BrucePon shame on you for dragging my 89 year old father into this! I am disgusted by the lies you are spreading about me personally. I will…

On-chain analysis by Bubblemaps indicates that 661 million OCEAN tokens were converted to 286 million FET prior to the planned merger. Meanwhile, 270 million FET were moved to centralized exchanges.

By July 2024, most of the OCEAN supply had been swapped for FET, although about 270 million OCEAN tokens remain spread across more than 37,000 wallets.

These movements, along with Ocean Protocol’s abrupt withdrawal, fueled allegations that the project “exploited the alliance for visibility,” as described in a BeInCrypto analysis.

Did Ocean Protocol dump $100M+ in community tokens?

Fetch AI is openly accusing them of misconduct

Here’s what the data shows