MegaETH’s $500M Pre-Deposit Turns Into a Full Rewind After Missteps Pile Up
NegativeCryptocurrency
- MegaETH's $500 million pre-deposit initiative faced significant setbacks due to technical missteps, including an incorrect SaleUUID that necessitated a multisig update. These issues led to the abandonment of their $1 billion fundraising plan after exceeding the intended raise limit during the pre-deposit phase.
- The operational failures have raised serious concerns about MegaETH's ability to manage large-scale projects effectively, potentially damaging investor confidence and impacting future fundraising efforts. The company has also announced plans to refund over $400 million to affected users.
- This situation reflects broader challenges within the cryptocurrency market, where liquidity crises have led to significant sell-offs and declining investor sentiment. As major cryptocurrencies like Bitcoin and Ether experience volatility and ETF outflows, the operational difficulties faced by MegaETH highlight the precarious nature of new projects in a turbulent market.
— via World Pulse Now AI Editorial System
