MegaETH halts $1B fundraising plan due to technical failures

cryptonews11-26

MegaETH has run into problems that forced the team to pull back from an expansion of its token sale. Summary A misconfigured multisig and overloaded KYC APIs were some of the issues that caused ...

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A mismatched sale identifier in the pre-deposit contract required a 4-of-6 multisig fix, while Sonar’s rate limits caused extended downtime. \nBy the time fixes were deployed, the system reopened at a random moment, allowing users who kept refreshing the page to deposit before others even knew the window was live. \nAttempts to expand the cap to $400 million and then $500 million came too late, with the contract already oversubscribed before each limit took effect.\nPre-deposit goals, user fallout, and next steps\nThe pre-deposit campaign was designed to supply early liquidity for MegaETH’s mainnet launch by letting KYC-verified users commit USD Coin (USDC) in exchange for USDm, the network’s upcoming stablecoin built with Ethena’s (ENA) framework.\nThe initial cap was set at $250 million with no individual limits, and participants would later receive reward multipliers tied to the MEGA token.\nThe breakdown has prompted a wave of refund requests, although participants will still keep credit toward the rewards program. MegaETH said it will publish a full retro to explain the event in detail and outline how the team will prevent similar failures during the next phase of the launch.\n\n\n\n\n\n                Read more:\n            \n\n                RedStone launches Bolt, a real-time oracle built for speed on MegaETH","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586508282","isCrawlerRequest":true}