Kraken will not support ongoing Ocean-Fetch AI merger

In this post:

  • The first phase of the highly anticipated merger of decentralized AI projects, Fetch.ai, SingularityNET, and Ocean Protocol, has started today.
  • The AI-focused projects have warned users about the risk of scammers when migrating tokens.
  • Meanwhile, crypto exchange Kraken has revealed that it would not facilitate the token merger for its users.

The anticipated merger of Fetch.ai, SingularityNET, and Ocean Protocol into Artificial Superintelligence (ASI) has started. On July 1, Fetch.AI revealed that Phase 1 of the process, which involves the migration of AGIX and OCEAN tokens to FET on the Ethereum blockchain, has begun.

Also Read: Fetch.ai rallies ahead of rebranding, merger with Ocean Protocol and SingularityNET

The projects stated that the first phase focuses on onboarding exchanges and data aggregators to the ASI platform. During this phase, AGIX and OCEAN tokens will be delisted from trading platforms while FET continues trading.

They continued that the second phase of their merger would begin by the middle of this month. In this phase, the developers will focus on deploying the ASI token across multiple blockchain networks and onboarding the community to the project.

FetchAI ASI Merger
Artificial Super Intelligence Merger (Source: ASI)

Further, new smart contracts will be developed to facilitate the conversion of FET, AGIX, and OCEAN tokens to ASI tokens. Ethereum Virtual Machine (EVM) and other blockchain bridges will also be activated for ASI token transfers.

Meanwhile, the ASI alliance assured users that the migration contract for these assets will remain open for several years.

Beware of scammers, projects warn

Cryptopolitan found several scammers imitating the ASI official website and its official handle on the social media platform X. Considering this, the AI projects have warned users to be careful when migrating and avoid clicking on external links.

Also Read: Phishing scam costs MakerDAO delegate $11.1 million in crypto assets

The projects cautioned users to rely only on information from official channels and confirm all links before clicking. Additionally, users have been asked to avoid rushing the process, as there is more than enough time for the token merger. They stated:

“Be aware of potential scams during this transition period. Malicious actors may attempt impersonation, spoofing, and social engineering tactics. Trust only official sources of information as outlined above.”

These warnings are understandable, considering the high risk of phishing and other fraudulent activities that scammers might try to perpetrate during this migration process.

Kraken will not support the merger

According to a July 1 statement, crypto exchange Kraken said it would not execute the ASI token migration for its users. The firm stated that it plans to continue facilitating the trading of the OCEAN and FET tokens on its platform until further notice.

Also Read: Coinbase says it will not facilitate Ocean-Fetch AI merger

“Clients wishing to migrate their OCEAN or FET tokens to ASI must withdraw their tokens to their Kraken Wallet, or any other self-custodial wallet. Clients can also convert their tokens on Kraken to another supported token,” Kraken said.

Notably, Kraken’s decision is similar to that of the Coinbase exchange, which also refused to support the project’s migration into the ASI token.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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