MegaETH Scraps $1B Fundraise Amid Technical Failures
MegaETH's ambitious plan to raise $1 billion in funding has hit a major roadblock due to technical failures during its pre-deposit event. The Ethereum layer-2 project was forced to cancel the fundraise after users encountered issues with verifying their Know Your Customer (KYC) details, leading to an unfair process.
The problems began when a SaleUUID mismatch caused early transactions to fail, requiring a multisig update to fix the error. Sonar's rate limit also proved insufficient for the traffic volume, causing KYC checks to fail for over 20 minutes.
MegaETH attempted to raise the cap from $250 million to $1 billion, but the upgrade executed prematurely due to a technical glitch. This sudden change created confusion among users, with some seeing the new window while others did not.