Legal Dispute Update

Fetch.ai announced that they would drop all pending legal claims against Ocean Protocol Foundation if Ocean returns 286 million FET tokens that were reportedly sold during their merger. This course of action aims to avert a full-scale legal confrontation between the two companies.

During a session on X Spaces, CEO Humayun Sheikh stated, > “They are expecting a legal proposal from us for the return of the tokens.” He added, > “You can have my letter tomorrow. The offer is simple: give my community back the tokens. I will drop every legal claim.”

Sheikh even proposed to cover the legal costs related to this contract, facilitating the token retrieval.

The FET token’s value has plummeted by over 93% subsequent to the announcement concerning the Artificial Superintelligence Alliance. Sheikh remarked that this decline was not instigated by Ocean’s withdrawal from the alliance. Speaking on the situation, Bruce Pon said, > “[The 93% drop] was due to the broader market sentiment and volatility, SingularityNet and Fetch’s draining of liquidity from the entire community by dumping upwards of $500 million worth of $FET tokens…”

For more details on the ongoing developments and ramifications, continue reading at the original publication.