"We have decided to refund all funds raised through the pre-deposit bridge," MegaETH officials said in a statement on the X platform. "Due to sloppy execution, expectations do not match our goal of pre-deposit collateral to guarantee 1:1 USD exchange on the mainnet. The follow-up effects of this decision include:
1. The contribution of the depositor will not be forgotten. However, all communication must meet the compliance criteria, (i.e. "at this stage we must follow best practices in disclosure"), and the refund process requires a new smart contract, which is currently under audit. Refunds will be issued as soon as the audit is completed.
2. USDm is an important part of the MegaETH economy and will be supported by many Frontier applications. Therefore, we will reopen the USDC to USDM conversion bridge before the Frontier mainnet goes live to deepen liquidity and simplify the registration process for users before going live. "
MegaETH: Pre-deposit raised funds will be refunded
2025-11-28 02:02:59
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