According to Odaily, Fetch.ai has filed a class-action lawsuit against Ocean Protocol in the Southern District of New York, accusing it of misleading the community and mishandling tokens within the Artificial Intelligence Consortium (ASI).

The lawsuit alleges that Ocean transferred approximately 700 million OCEAN tokens, originally promised for community rewards, to a Cayman Islands entity, subsequently converting them into approximately 286 million FETs and selling approximately 263 million on the market, causing a drop in the price of FETs. Fetch.ai's lawyers stated that Ocean misled the token community and its merger partners, profiting millions of dollars. Ocean Protocol denies the allegations, calling the lawsuit merely social media hype. ASI consortium co-founder Goertzel expressed disappointment with Ocean's actions, but stated the consortium will continue to advance decentralized AI development. (Cryptoslate)