MegaETH (MEGA) announced on the X platform that all funds collected through the bridge used for preliminary investments will be refunded.
The company stated, “Investors' contributions will not be forgotten, but all communications must comply with compliance standards.” It also stated that the refund process will be handled through a new smart contract, currently undergoing auditing, and refunds will be processed later.
The MegaETH team also stated that USDM is a key component of the ecosystem and will be supported by numerous Frontier applications ahead of the mainnet beta phase. It was also reported that the USDC-USDM conversion bridge will be reopened before the Frontier mainnet launch to increase pre-listing liquidity and facilitate user access.
Meanwhile, the pre-investment campaign, which was planned to expand MegaETH to $1 billion, failed due to technical glitches. The campaign aimed to allocate MEGA tokens to verified users in a controlled manner. However, according to the team, the errors were caused by configuration issues and speed limit issues in the KYC system.
Additionally, the Safe multi-signature transaction, which was prepared for subsequent increases, was triggered ahead of schedule, leading to new investments entering the system, and the total fund amount exceeded the original $250 million limit, causing the process to be cancelled entirely.
*This is not investment advice.