Fetch.ai Alleges Ocean Misused Tokens Before ASI Merger

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He said these tokens were then transferred to exchanges and market makers without proper communication.

According to Sheikh, Ocean created 719 million OCEAN tokens in 2023. Of those, 661 million were swapped for 286 million FET tokens in July 2025.

Binance announced that starting October 20, the exchange will no longer support OCEAN token deposits via the ERC-20 network. Although other networks will remain available, deposits made through ERC-20 after that date will not be processed and may result in lost funds.

In response, Sheikh said he plans to support class-action lawsuits in several countries and encouraged Binance, GSR, and ExaGroup to investigate the situation. He also asked FET holders to gather information and promised to create a way for them to submit claims.

In a post on X, the Ocean Protocol team called the claims baseless and damaging. They said their treasury remains secure and that they offered to make findings from a neutral party public. They also stated that they are working on formal responses.

Paxos, the company behind PayPal’s stablecoin PYUSD, recently created 300 trillion tokens and then removed them from the blockchain within less than 30 minutes. What did the firm say? Read the full story.