Rug Pull or Misunderstanding? FET Community in Uproar Over Ocean Protocol Transfers

Ocean Protocol’s sudden withdrawal from the ASI Alliance has sparked accusations of a major token rug pull. In fact, independent on-chain analytics from Bubblemaps indicate that the project transferred approximately 270 million FET, which is worth an estimated $120 million, to Binance and an OTC provider without notifying either the alliance or FET holders.

The ASI Alliance, formed in March 2024, united Ocean Protocol, Fetch.ai, and SingularityNET under a single token, FET, with Ocean Protocol’s OCEAN tokens convertible at a fixed rate to FET.