Crypto KOL IcoBeast has been stripped of its quota of $1 million worth of MegaETH tokens after IcoBeast publicly stated that it was trying to hedge its MEGA allocation, violating rules related to the one-year lock-up period.
Previously, Namik Muduroglu, Chief Strategy Officer of MegaETH, wrote on X: "Any participant who participates in the MegaETH sale and locks up tokens for one year must:
(I) Acquire tokens for their own account without any intention of resale or transfer;
(Ii) No transfer, resale or hedging in violation of applicable law. Anyone who publicly discusses over the counter and hedging scheme on Twitter will receive a refund and no tokens will be distributed. "
Muduroglu said the token sale was 28 times oversubscribed. There is no point in allocating tokens to those who want to sell before they receive them. If these tokens are allocated to those who are bullish on MEGA and are willing to hold them at least for the lock-up period they set themselves, it will benefit MegaETH and other MEGA holders. (Decrypt)
Crypto KOL 1 million Dollar MegaETH Token Quota Revoked, Officials Say It Violates One-Year Lock-Up Rule
2025-11-12 03:59:26
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