The conflict between Freight.I and the Ocean Protocol Foundation is drawing to a close as the two sides look to reach a middle ground without escalating into a full-blown legal battle.
On Thursday, FRET.AI said it would cancel all pending legal claims against the Ocean Protocol Foundation if the latter returned the 286 million Recover.AI (FET) tokens that were allegedly sold during their merger.
“They are expecting a legal proposal from us to return the token,” he said during the X-Space show on Thursday.
“You can take my letter tomorrow. The offer is simple: return the token to my community. I will waive all legal claims.”
Shack also offered to cover the pending legal costs of the deal, which would recover the token.
Related: 19b market crash paves way for bitcoin to rise to $200k: Standard Chartered
The FET-based validating node Geosticking said, if the offer is officially put on paper, Ocean Protocol will agree to return the token.
During the X-Space show, Sheikh said that a formal offer could be put on paper as soon as Friday.
The agreement will enable both parties to resolve misunderstandings without the need for lengthy litigation, which can be damaging to both parties’ reputations and finances.
The latest suggestion comes after Sheikh offered a $250,000 reward for more information on OceanDow’s multi-signature wallet signatures and their connection to the Ocean Protocol Foundation.
A multi-signature or multi-sig wallet is a cryptocurrency wallet that requires multiple signatures to execute and process a transaction.
Related: SpaceX moves 7,257m in bitcoin, defies questions over its crypto play
Ocean Protocol faces $120 million token dump allegations
According to blockchain data platform BobMaps, despite Ocean Protocol denying allegations of misuse, blockchain data shows that a multi-signature wallet connected to Ocean Protocol converted about 661 million Ocean tokens into 286 million FET coins, which is currently worth about $120 million.
Of this, 160 million FET tokens were transferred to Binance and 109 million were transferred to GSR markets.
Ocean Protocol withdrew from the artificial superintelligence alliance on October 9, with no mention of a token transfer.
Since the Artificial Superintelligence Alliance (ASI) announcement in March 2024, the FET token has fallen by more than 93%, from a peak of $3.22 to around $0.26 at the time of writing.
According to Ocean Protocol founder Bruce Poon, however, cost reduction was not done by Ocean Protocol. He wrote in response to Thursday’s blog:
“(The 93% drop) was due to broad market sentiment and volatility, draining liquidity from Singularity Net and the entire recovery community, with $500 million worth of $FET tokens, a careless TRNR contract that has failed to keep the crypto from falling more than 45% (…) (…)”.
“Ocean has decided that it cannot in good conscience continue to be part of the ASI alliance,” the founder added, promising to publish a “claim-by-claim rebuttal” to all recent allegations.
https://www.youtube.com/watch?v=fykm3ka_lzu
Magazine: ‘Accidental rebellion’ and link to Chetgupat’s murder, suicide: AII
