Two major AI-blockchain projects, Fetch.ai and Ocean Protocol, have finally decided to settle their long-running token dispute without heading to court.
The deal involves the return of 286 million FET tokens, worth about $120 million, and could bring an end to one of the most public crypto feuds of the year.
On Thursday, Fetch.ai CEO Humayun Sheikh said his team will drop all legal action if Ocean Protocol returns the FET tokens in question. Speaking during an X Spaces session, he made it clear the goal was to protect the community, not drag things into a courtroom.
“They are expecting a legal proposal from us for the return of the tokens,” Sheikh said. “You can have my letter tomorrow. The offer is simple: give my community back the tokens. I will drop every legal claim.”
Ocean Protocol has reportedly agreed to the return once a formal proposal is filed. GeoStaking, a validator node connected to Fetch.ai, helped mediate the talks.
Sheikh also offered to cover all legal costs once the tokens are recovered, in an effort to quickly resolve.
The issue began after Fetch.ai accused Ocean Protocol of converting 661 million OCEAN tokens into 286 million FET tokens through a multisignature wallet tied to the project. Blockchain data from Bubblemaps showed that around 160 million FET were moved to Binance and another 109 million to GSR Markets.
Ocean Protocol denied any wrongdoing, calling the claims misleading. The project’s founder, Bruce Pon, said the recent crash in FET’s price had nothing to do with Ocean’s exit from the Artificial Superintelligence (ASI) Alliance, a merger between Fetch.ai, Ocean Protocol, and SingularityNET.
“The 93% drop was due to the broader market sentiment and volatility,” Pon said, adding that liquidity issues and large token sales by other partners had a bigger impact.
Ocean withdrew from the ASI Alliance on October 9, without addressing the token transfers at the time.
Now, with both sides agreeing to return the tokens and move on, the crypto community sees this as a welcome de-escalation. The deal helps both projects save face and avoid a lengthy legal fight.
Fetch.ai accused Ocean Protocol of converting 661M OCEAN tokens into 286M FET without consent, sparking a major disagreement between the two AI-blockchain projects.
The peace deal is valued at around $120 million, involving the return of 286 million FET tokens to Fetch.ai to end the long-running token dispute.
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