According to Foresight News , citing Unchained, documents show that Berachain granted Brevan Howard's Nova Digital fund a special refund right during its Series B funding round, making its venture capital investment in Berachain virtually "risk-free." Nova Digital invested $25 million in BRA tokens in March 2024 at $3 per token. The fund also received the right to claim a full refund within one year of the TGE, with a deadline of February 6, 2026.
Crypto lawyers say it's extremely rare for a project to offer investors a refund right after receiving TGE. Currently, the BERA token is priced at around $1.02, down about 66% from the investment price. An anonymous Series B investor stated that Berachain did not disclose to them that other investors had refund terms. Lawyers point out that this could violate most-favored-nation provisions and SEC anti-fraud requirements.
