Bubblemaps Data Exposed: The Story Behind Ocean Protocol's $100 Million Token Exodus
TechFlow Selected TechFlow Selected
Bubblemaps Data Exposed: The Story Behind Ocean Protocol's $100 Million Token Exodus
Ocean Protocol is accused of secretly selling community tokens.
Navigating Web3 tides with focused insightsAuthor: Bubblemaps
Translation: TechFlow
Did Ocean Protocol dump over $100 million worth of community tokens?
Fetch AI publicly accused them of misconduct.
Here’s what happened:
In March 2024, Ocean Protocol, Fetch AI, and SingularityNET announced the formation of the ASI Alliance.
The three formerly independent projects merged under a unified token: $FET.
After the merger, $OCEAN holders could convert their $OCEAN into $FET at a fixed exchange rate.
The Ocean Protocol team retained a large amount of $OCEAN tokens, stating they would be used for "community incentives" and "data farming."
However, on July 1, a wallet address linked to the Ocean Protocol team (0x4D9B) performed the following actions:
-
Converted 661 million $OCEAN into 286 million $FET (worth approximately $191 million);
-
Sent 90 million $FET to OTC provider GSR Markets.
On August 31, the wallet distributed the remaining 196 million $FET across 30 newly created wallet addresses.
By October 14, nearly all of these new addresses had transferred funds to Binance or OTC providers.
In total, approximately 270 million $FET were sent to Binance or OTC providers, including:
Total value: approximately $120 million.
Approximately 270 million $FET tokens were sent to Binance or OTC providers • 160 million to Binance • 109 million to GSR Markets Total value: ~$120 million.
On October 9, Ocean Protocol announced its exit from the ASI Alliance, but did not clearly state the reason for leaving, nor mention the transfer of these $FET tokens to centralized exchanges (CEX) and OTC providers.
The FET team publicly accused Ocean Protocol on social media platform X of selling community tokens.
Original post link: Click here
In response, Ocean Protocol's CEO claimed that FET's allegations were "baseless rumors," and added that the team was preparing an official response.
Original post link: Click here
Although we cannot confirm whether the Ocean Protocol team actually sold these $FET tokens, such token transfers are typically associated with liquidation. On-chain activity shows the following actions:
-
A multi-sig wallet associated with Ocean Protocol:
We have reached out to the Ocean Protocol team for comment but have not received a response as of yet.
This case has now been published on the Intel Desk platform for further community investigation.
You can participate in voting using $BMT tokens: Case details link
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@bubblemaps
