Ocean Protocol recently announced its withdrawal from the ASI Alliance, citing serious accusations against its partners, SingularityNET and Fetch. These accusations pertain to breaches of asset control agreements, which Ocean claims jeopardize its community’s interests.
SingularityNET faced criticism for issuing $100 million in tokens and draining market liquidity. Fetch’s founder, Sheikh, was also accused of undermining decentralization principles by compelling Ocean to convert its assets into FET tokens.
The 93% drop in FET token prices is attributed to significant sell-offs by partner entities rather than Ocean’s withdrawal. Ocean aims to safeguard the community’s interests while continuing its focus on independent technology development.
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