The MegaETH pre-deposit event ended in failure due to technical issues, abandoning the plan to expand fundraising to 1 billion dollars.

PANews, November 26—According to Cointelegraph, MegaETH's pre-deposit event ended in failure on Tuesday due to a series of technical issues. The event was originally intended to provide verified users with a controlled window to lock in their MEGA token allocation. The team pointed out on X that the technical failures stemmed from a configuration error in the KYC system and rate limiting issues. Meanwhile, a Safe multi-signature transaction, prepared for a subsequent increase in allocation, was executed prematurely, resulting in new deposits flowing in and the fundraising total exceeding the original $250 million cap. The protocol party stated that this quota was obtained by users who continuously refreshed the page and happened to catch the system's random opening. Ultimately, MegaETH froze the total deposit amount at $500 million and abandoned its original plan to expand the fundraising scale to $1 billion. The team said it would soon release a retrospective plan and withdrawal options, reiterating that user assets have always been safe, but admitted that this operation did not meet its own standards and that no excuses were necessary.