Citing Biji Web, MegaETH, an upcoming Ethereum Layer 2 scaling solution, announced it will refund all funds raised through its pre-deposit bridge. The team cited poor execution, including system failures, multiple deposit cap changes, and misconfigured multisignature transactions, which led to an unexpected early reopening of deposits. The initial $250 million cap was breached within three minutes after service restoration, and subsequent attempts to reset the cap failed. MegaETH stated the refund process is undergoing smart contract audits and will be carried out shortly after completion.
MegaETH to Refund All Pre-deposit Bridge Funds Due to Poor Execution
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