According to blockchain analysis platform Bubblemaps, wallets associated with Ocean Protocol are suspected of selling over $100 million worth of community tokens over a period of several months. Data indicates that in March 2024, Ocean Protocol, Fetch AI, and SingularityNET merged under the ASI Alliance framework, with OCEAN tokens convertible to FET at a fixed ratio. Following the merger, the Ocean team wallet (0x4D9B) still holds a significant amount of OCEAN, nominally used for "community incentives" and "data mining."

On July 1st, the wallet converted 661 million OCEAN tokens into 286 million FET (approximately $191 million) and transferred 90 million FET to GSR Markets. On August 31st, the remaining 196 million FET were distributed to 30 new addresses. As of October 14th, the majority of the funds, totaling approximately 270 million FET, had been transferred to Binance or over-the-counter institutions. Fetch AI has previously publicly accused the Ocean team of misconduct.