MegaETH Announces Bridge Fund Refunds and USDC-USDM Conversion Bridge Reopening

Source: CryptoNewsNet Original Title: Altcoin Under Suspicion Finally Takes the Long-Awaited Step Original Link: https://cryptonews.net/news/altcoins/32062251/

Announcement Overview

MegaETH (MEGA) announced 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.” The refund process will be handled through a new smart contract, currently undergoing auditing, with refunds to be processed at a later date.

Ecosystem Updates

The MegaETH team confirmed that USDM is a key component of the ecosystem and will be supported by numerous Frontier applications ahead of the mainnet beta phase. The USDC-USDM conversion bridge will be reopened before the Frontier mainnet launch to increase pre-listing liquidity and facilitate user access.

Campaign Failure Details

The pre-investment campaign, which aimed to expand MegaETH to $1 billion, failed due to technical glitches. The campaign was designed to allocate MEGA tokens to verified users in a controlled manner. According to the team, errors were caused by configuration issues and speed limit issues in the KYC system.

Additionally, the Safe multi-signature transaction prepared for subsequent fund increases was triggered ahead of schedule. This led to new investments entering the system, causing the total fund amount to exceed the original $250 million limit, which resulted in the process being cancelled entirely.