> ## Content Index
> Fetch the complete content index at: https://blog.bubblemaps.io/llms.txt
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# From CEX Liquidations to DEX "Liquidations"
- URL: https://blog.bubblemaps.io/from-cex-liquidations-to-dex-liquidations/
- Published: 2025-10-22T18:32:46.000Z
- Updated: 2025-10-22T18:32:45.000Z
- Description: Digging in: 📉Market Crashes in Largest Ever Liquidation Event, 🌊What Happened in the Ocean Protocol Conflict, 🤔A 60-Wallet Mysterious Entity Making Millions, and more.
- Author: Bubblemaps

### Ocean Protocol: Where Did $100 Million Go?

![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/ocefet-em.png)

In March 2024, Ocean Protocol, Fetch AI, and SingularityNET joined forces under the ASI alliance.  
  
Once separate projects, they merged under a single token: [$FET](https://x.com/search?q=%24FET&src=cashtag%5Fclick&ref=blog.bubblemaps.io). That meant [$OCEAN](https://x.com/search?q=%24OCEAN&src=cashtag%5Fclick&ref=blog.bubblemaps.io) could then be converted to $FET at a fixed rate

Despite the merger, Ocean Protocol team kept a large amount of $OCEAN in their wallets – supposedly for “community incentives” and “data farming”.

However, on July 1st, an Ocean Protocol team wallet (0x4D9B):  
\> converted 661M of $OCEAN into 286M $FET (\~$191M)  
\> sent 90M $FET to an OTC provider: GSR Markets

On August 31, this team wallet split the remaining 196M $FET across 30 fresh addresses. By October 14, nearly all of them had sent the funds to Binance or an OTC provider. Read our [**full thread here**](https://x.com/bubblemaps/status/1980601840388723064?ref=blog.bubblemaps.io).

[View in Intel Desk](https://intel.bubblemaps.io/cases/67/ocean-protocol-fet-dump?ref=blog.bubblemaps.io)

---

### Unpacking the $19B Crash

On the weekend of October 10, we witnessed the worst liquidation event in the history of crypto. An estimated $19B+ in leveraged positions got wiped out in the span of hours. Blame and theories were thrown around, and there is still not a definitive answer to it. 

We have gathered multiple opinions and theories related to the event.

[View in Intel Desk](https://intel.bubblemaps.io/cases/64/systemic-price-dump?ref=blog.bubblemaps.io)

---

### COAI: One Wealthy Entity

![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/coai-em.png)

One entity controls HALF of the top earning [$COAI](https://x.com/search?q=%24COAI&src=cashtag%5Fclick&ref=blog.bubblemaps.io) wallets. Total profit: $13M  
  
ChainOpera is one of the biggest projects on BNB Chain, and according to DappBay:  
\> 100k users  
\> $20B FDV

Six months ago, 60 wallets showed common behavior:  
\> funded from Binance with 1 BNB  
\> funded on March 25 at \~11am UTC  
\> all traded on Binance alpha with thousands of automated txs  
  
These 60 wallets are also the most profitable ones. 😳

![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/image-3.png)

[Read Full Thread](https://x.com/bubblemaps/status/1978865917552660795?ref=blog.bubblemaps.io)

---

## ✨NEW: Website Revamp

We just refreshed our website! What do you think?   
  
Check it out [here](https://bubblemaps.io/?ref=blog.bubblemaps.io).

![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/4-MPFem--5-.png)