Fetch.ai sues Ocean Protocol over alleged token dumping

The recent withdrawal of Ocean Protocol (OCEAN) from the Artificial Superintelligence (ASI) Alliance, which it co-founded with Fetch.ai (FET) and SingularityNET (AGIX), has escalated into a legal battle. According to CryptoSlate, Fetch.ai and several token holders filed a class-action lawsuit against Ocean Protocol and its co-founders in the U.S. District Court for the Southern District of New York on Nov. 4. The plaintiffs allege that Ocean Protocol had promised to use hundreds of millions of OCEAN tokens for DAO rewards but instead converted them to FET after joining the ASI Alliance and subsequently dumped them. This action, they claim, undermined the value of FET and damaged the DAO's governance model. As previously reported by CoinNess, Ocean Protocol's CEO had denied similar dumping allegations when the company announced its departure from the alliance.