MegaETH Axes $1 Billion Fundraise Amid Technical Failures

MegaETH's ambitious plan to raise $1 billion in funding has been scrapped due to technical failures that left many users unable to participate. The Ethereum layer-2 project cited an unfair process, despite no funds being at risk.

The issues began with a pre-deposit event that encountered multiple technical problems, including a SaleUUID mismatch and Sonar's rate limit being insufficient for the traffic volume.

MegaETH attempted to raise the cap from $250 million to $1 billion but was forced to cancel the extension due to ongoing KYC bugs and confusion among users. The team will now provide a withdrawal page for those who deposited during the event.