TechFlow news, November 8 — According to Cryptoslate, Fetch.ai has filed a class-action lawsuit against Ocean Protocol, accusing it of misleading the community and mishandling tokens within the artificial intelligence alliance ASI. The lawsuit alleges that Ocean transferred approximately 700 million OCEAN tokens originally promised for community rewards to an entity in the Cayman Islands, which were then converted into about 286 million FET tokens, with roughly 263 million sold on the market, causing the FET price to drop. Fetch.ai's legal team claims Ocean misled the token community and merger partners, profiting millions of dollars as a result. Ocean Protocol denies the allegations, calling the lawsuit mere social media hype. ASI co-founder Goertzel expressed disappointment over Ocean's actions but affirmed the alliance will continue advancing decentralized AI development.
Prior report: Fetch.ai demanded that the Ocean Protocol Foundation return $120 million worth of FET tokens to avoid legal disputes.
