The conflict between Fetch.ai CEO Humayun Sheikh and the Ocean Protocol Foundation has intensified as Sheikh put forward a $250,000 bounty seeking information regarding a purported mishandling of tokens valued in the millions.

Sheikh’s announcement, made in a post on X (formerly Twitter) this past Tuesday, requested details about the signers of OceanDAO’s multisignature wallet and their associations with the Ocean Protocol Foundation.

A multisignature wallet stipulates that multiple approvals are needed to authorize transactions. This bounty follows allegations that a consortium wallet linked to Ocean Protocol diverted approximately 286 million Fetch.ai (FET) tokens—estimated to be worth $80 million as of the latest reports.

Claims indicate that this misappropriation transpired during the merger of the Artificial Superintelligence (ASI) Alliance, which saw Fetch.ai, Ocean Protocol, and SingularityNet unify under a shared token ecosystem.

Sheikh alleged that Ocean Protocol issued and moved numerous OCEAN tokens prior to the merger, subsequently converting them into FET tokens before transferring them to centralized exchanges without the required disclosures.

The feud, which escalated into legal threats last week, saw Sheikh vow to support class-action lawsuits across multiple jurisdictions while calling for investigations involving Binance, GSR, and ExaGroup.

While the Binance exchange recently announced it would cease supporting OCEAN token deposits, it refrained from linking this decision to the ongoing dispute.

The allegations have impacted the market, with the price of FET dropping 9% in the last 24 hours, trading at $0.25 as of 8:47 PM UTC.

Ocean Protocol’s Token Movements:

Despite denying the allegations, on-chain data indicates that a multisignature wallet associated with Ocean Protocol converted around 661 million OCEAN tokens into 286 million FET tokens, according to the blockchain data provider Bubblemaps.

Bubblemaps highlighted that, despite the merger, the Ocean Protocol team retained a substantial stash of $OCEAN in their wallets, allegedly for community incentives and data farming.

Ultimately, the data suggests total movements exceeding $120 million, incorporating 160 million FET sent to Binance and 109 million to GSR Markets.

Ocean Protocol officially distanced itself from the ASI alliance on October 9, without addressing any token transfers, and has publicly rejected the claims, asserting that a formal response is forthcoming.