PANews reported on November 8th that, according to CryptoSlate, Fetch and three token holders have filed a class-action lawsuit in the Southern District of New York, accusing Ocean Protocol and its founders of misleading the community and causing misunderstandings about the autonomy of OceanDAO. The lawsuit, case number 1:25-cv-9210, was filed on November 4, 2025. The defendants include Ocean Protocol Foundation Ltd., Ocean Expeditions Ltd., OceanDAO, and Ocean's co-founders Bruce Pon, Trent McConaghy, and Christina Pon. The plaintiff alleges that Ocean falsely stated that hundreds of millions of OCEAN "community" tokens would be reserved for DAO rewards, but in reality, after joining the ASI consortium, it converted and sold these tokens, thereby depressing the value of FET and undermining the governance model claimed by the DAO. The lawsuit claims that over 661 million OCEAN were converted into approximately 286.46 million FET, and subsequently approximately 263 million FET were released into the market, equivalent to more than 10% of the then-circulating supply, causing downward pressure on the price of FET during and after Ocean's withdrawal from the market. The document states that Ocean transferred OceanDAO assets to the Cayman Islands entity Ocean Expeditions in late June, began converting OCEAN to FET in early July, liquidated most of the resulting FET on a centralized trading venue, and withdrew from the ASI consortium in October.PANews reported on November 8th that, according to CryptoSlate, Fetch and three token holders have filed a class-action lawsuit in the Southern District of New York, accusing Ocean Protocol and its founders of misleading the community and causing misunderstandings about the autonomy of OceanDAO. The lawsuit, case number 1:25-cv-9210, was filed on November 4, 2025. The defendants include Ocean Protocol Foundation Ltd., Ocean Expeditions Ltd., OceanDAO, and Ocean's co-founders Bruce Pon, Trent McConaghy, and Christina Pon. The plaintiff alleges that Ocean falsely stated that hundreds of millions of OCEAN "community" tokens would be reserved for DAO rewards, but in reality, after joining the ASI consortium, it converted and sold these tokens, thereby depressing the value of FET and undermining the governance model claimed by the DAO. The lawsuit claims that over 661 million OCEAN were converted into approximately 286.46 million FET, and subsequently approximately 263 million FET were released into the market, equivalent to more than 10% of the then-circulating supply, causing downward pressure on the price of FET during and after Ocean's withdrawal from the market. The document states that Ocean transferred OceanDAO assets to the Cayman Islands entity Ocean Expeditions in late June, began converting OCEAN to FET in early July, liquidated most of the resulting FET on a centralized trading venue, and withdrew from the ASI consortium in October.
Fetch has sued Ocean and its founders, accusing them of undermining DAO governance by selling 263 million FET tokens without authorization.
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PANews reported on November 8th that, according to CryptoSlate, Fetch and three token holders have filed a class-action lawsuit in the Southern District of New York, accusing Ocean Protocol and its founders of misleading the community and causing misunderstandings about the autonomy of OceanDAO. The lawsuit, case number 1:25-cv-9210, was filed on November 4, 2025. The defendants include Ocean Protocol Foundation Ltd., Ocean Expeditions Ltd., OceanDAO, and Ocean's co-founders Bruce Pon, Trent McConaghy, and Christina Pon.
The plaintiff alleges that Ocean falsely stated that hundreds of millions of OCEAN "community" tokens would be reserved for DAO rewards, but in reality, after joining the ASI consortium, it converted and sold these tokens, thereby depressing the value of FET and undermining the governance model claimed by the DAO. The lawsuit claims that over 661 million OCEAN were converted into approximately 286.46 million FET, and subsequently approximately 263 million FET were released into the market, equivalent to more than 10% of the then-circulating supply, causing downward pressure on the price of FET during and after Ocean's withdrawal from the market.
The document states that Ocean transferred OceanDAO assets to the Cayman Islands entity Ocean Expeditions in late June, began converting OCEAN to FET in early July, liquidated most of the resulting FET on a centralized trading venue, and withdrew from the ASI consortium in October.
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