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Tuesday Nov 25 2025 22:30
2 min
MegaETH experienced a series of technical failures during its pre-deposit event, intended as a controlled opening for verified users. Furthermore, the deposit cap was exceeded due to a premature execution of a multi-signature transaction, leading to a temporary freeze on deposits.
The MegaETH team disclosed in an X post that configuration errors and rate-limit issues caused the platform’s Know Your Customer (KYC) system to falter. The pre-deposit window was designed to provide early access for verified users to secure allocations of the MEGA token.
In addition to the KYC failures, a fully signed Safe multisig transaction—prepared for a later cap increase—was executed prematurely, allowing new deposits to flood in and surpassing the intended $250 million limit. Deposits were ultimately frozen at $500 million, and plans to raise the limit to $1 billion were abandoned. A withdrawal option will be released shortly.
The team asserted that no assets were at risk, but they are taking responsibility for the errors and expect a higher standard of performance. MegaETH aims to deliver ultra-low-latency block processing and throughput comparable to real-time Web2 applications.
The pre-deposit window followed MegaETH’s MEGA token auction, which opened on October 27 and was fully subscribed within minutes. The sale offered 5% of the total 10 billion token supply, with bids ranging from $2,650 to $186,282 and an optional one-year lock-up providing a 10% discount.
Because contributions far exceeded the predetermined cap, MegaETH announced it would implement a “special allocation mechanism” to determine the final amount each participant receives.
MegaETH is built by MegaLabs, a team backed by prominent industry figures, including Ethereum co-founders Vitalik Buterin and Joe Lubin. Following its testnet launch in March, the project is now targeting 100,000 transactions per second with sub-millisecond latency. The MEGA token is slated to launch in early 2026.
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