The pre-deposit event for MegaETH experienced chaos on Tuesday, as a series of technical failures disrupted the controlled opening intended for verified users.
The team stated in an X post that configuration errors and rate-limiting issues caused the platform's KYC (Know Your Customer) system to fail. The pre-deposit was an early window for verified users to lock in their MEGA token allocations.
In addition to the KYC failure, a fully signed Safe multi-signature transaction prepared for a subsequent increase in the cap was executed prematurely, allowing new deposits to flow in, exceeding the planned $250 million limit.
The protocol stated, "The $250 million cap was filled by those who were constantly refreshing the pre-deposit site and able to seize random opening times."
MegaETH ultimately froze deposits at $500 million and canceled plans to expand fundraising to $1 billion. Options for retroactive and withdrawal will be released soon.
The team added, "Assets were never at risk at any time, but that doesn't matter; we hold ourselves to a higher standard, with no excuses."
MegaETH is an Ethereum Layer 2 protocol designed to provide ultra-low latency block processing and throughput comparable to real-time Web2 applications.
Some users praised MegaETH for its transparency in explaining the events, while others were more critical. Developer and DAO founder AzFlin believed these errors could have been avoided if the engineers had been more cautious.
The pre-deposit window opened after the MEGA token auction for MegaETH, which opened on October 27 and was fully subscribed within minutes.
The sale offered 5% of a total supply of 10 billion tokens, with bids ranging from $2,650 to $186,282, with an optional one-year lock-up period for a 10% discount.
The auction ended on October 30, ultimately attracting over $1.3 billion in commitments, making it one of the busiest fundraising events of the year.
Due to the committed amount far exceeding the cap, MegaETH stated it would rely on a "special allocation mechanism" to determine the final amount each participant would receive.
MegaETH is built by MegaLabs, a team supported by major industry figures, including Ethereum co-founders Vitalik Buterin and Joe Lubin.
After launching the testnet in March, the project's current goal is to achieve 100,000 transactions per second with latency below the millisecond level. The MEGA token is scheduled to launch in early 2026.
Related: Metaplanet advances its Bitcoin debt strategy, raising an additional $130 million to purchase more BTC
Original: “MegaETH Cancels $1 Billion Plan After Technical Failures Disrupt Sale”
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