Fetch.ai Strikes Back: Justice and Burns to Restore Confidence
Facing this storm, Humayun Sheikh, CEO of Fetch.ai, did not hesitate. On October 16, he pledged to fund class-action lawsuits in at least three jurisdictions. A statement that sounded like a call to arms for the victims of this forced dilution.
> “If you lost money on FET due to this Ocean action, prepare your evidence. I will personally fund a class action in three or more jurisdictions.”
— Humayun Sheikh, via a public post
This initiative is not mere posturing: it aims to compensate losses and punish those responsible. Sheikh even announced a $250,000 bounty to identify the signers of Ocean Protocol’s multisig, seeking to untangle the threads of a corporate spiderweb.
The hunt concluded on October 21: verified contributors provided the key information, and the reward will be distributed. This is only the beginning; the lawsuits could reshape governance rules within crypto alliances.
Then, on October 23, a concrete value-boosting measure followed: the Fetch Foundation announced weekly burns of 50 FET per wallet registered on asi1.ai. A clever way to tie utility to deflation, encouraging adoption while reducing the circulating supply.
Weekly burn: 50 FET per new wallet, reconciled weekly
Objective: Drive ASI platform utility and create tangible value for holders
Potential impact: Gradual supply reduction, supporting long-term price action
This strategy turns a crisis into an opportunity. By incentivizing user registration, Fetch.ai not only cleans up its ecosystem but also reinforces FET’s scarcity — a powerful psychological lever in a market obsessed with supply.
