Bubblemaps Data Exposed: The Story Behind Ocean Protocol's $100 Million Token Exodus

Author: 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.

Link: Click here

In total, approximately 270 million $FET were sent to Binance or OTC providers, including:

• 160 million $FET sent to Binance;

• 109 million $FET sent to GSR Markets.

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.

Link: Click here

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:

  • Converted 661 million $OCEAN into 286 million $FET;

  • Transferred 270 million $FET to Binance and GSR Markets.

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