Crypto Partnership Instability Exposed in $120M AI Collaboration Agreement
- Ocean Protocol and Fetch.ai settled a $120M dispute by returning 286M FET tokens, avoiding prolonged litigation and refocusing on decentralized AI/Web3 projects. - The 2024 ASI Alliance merger triggered accusations over token liquidity, with Ocean converting OCEAN to FET and transferring 286M tokens to exchanges. - FET's 93% price drop since the merger highlighted governance flaws, prompting Ocean to exit the alliance and Fetch.ai to prioritize community protection. - The settlement includes legal cost c
Ocean Protocol and Fetch.ai Reach $120 Million Settlement
After a heated legal dispute, Ocean Protocol and Fetch.ai have come to terms, agreeing to return $120 million in
The conflict originated from the 2024 merger between Ocean Protocol, Fetch.ai, and SingularityNET, forming the Artificial Superintelligence (ASI) Alliance—a group dedicated to integrating AI-powered blockchain initiatives under a unified token system,
This agreement represents a significant shift for both entities. Fetch.ai’s CEO highlighted that the deal prioritizes “community protection,” while Ocean Protocol’s founder, Bruce Pon, described leaving the ASI Alliance as essential for maintaining ethical standards. “Ocean could not remain part of the ASI Alliance in good conscience,” Pon remarked, promising to release a detailed response to the recent claims, Cointelegraph reported. The settlement also stipulates that Sheikh will pay the legal fees related to token recovery, which should speed up the process, according to Coinpedia.
The dispute had already caused considerable market turbulence. FET’s value dropped sharply from $3.22 to $0.26, with experts attributing the fall to diminishing confidence in decentralized governance,
Now that the conflict is resolved, both organizations are looking to refocus on technological progress. Fetch.ai and Ocean Protocol have expressed intentions to renew their partnership in decentralized AI, though the future of the ASI Alliance is still unclear. This episode highlights how fragile crypto collaborations can be, emphasizing the importance of transparency and sound governance to maintain trust among stakeholders,
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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