$ETH
MegaETH’s $500 M Pre-Deposit Disaster: Full Rewind, Refunds Incoming, and a Very Expensive Lesson
🚨 Quick update on the MegaETH pre-deposit mess
The MegaETH team just pulled the plug and decided to fully rewind their entire $500 M pre-deposit pool after a pretty chaotic launch day. It was originally meant to be capped at $250 M, but because of some buggy smart-contract settings, a messy multisig screw-up, and a totally broken KYC process, money just kept pouring in uncontrollably.
So they slammed the brakes, froze everything at $500 M, scrapped the idea of going up to $1 B, and are now giving everyone their money back (or the option to withdraw).
They’re insisting no one’s funds were ever actually in danger, but they did admit the whole thing was “sloppy execution” and nowhere near good enough. They’re getting a brand-new contract audited right now to handle the refunds properly, and they’ll reopen the USDC → USDm bridge later with way tighter controls before mainnet.