Fetch.ai and Ocean Protocol reach agreement to return $120 million in FET tokens to prevent legal dispute

Fetch.ai and Ocean Protocol have reached a tentative agreement to avoid escalating legal disputes by returning 286 million FET tokens valued at 120 million USD. Fetch.ai will discontinue all pending legal claims if the tokens are returned.

Humayun Sheikh, CEO of Fetch.ai, highlighted that a formal proposal for this token return is forthcoming. The FET token’s value has dropped over 93% since the foundation of the Artificial Superintelligence Alliance, unrelated to Ocean’s actions according to its founder.