MegaETH cancels $1 billion expansion plan following technical glitch.

According to a report by Cointelegraph, MegaETH was forced to suspend its pre-deposit activity yesterday due to a series of technical glitches. The team stated that configuration errors and rate limiting issues caused the KYC system to malfunction, and a Safe multi-signature transaction scheduled for later was executed prematurely, leading to a surge of new deposits that exceeded the original $250 million limit. The team ultimately froze deposits at $500 million and cancelled plans to expand to $1 billion. The team stated that it will soon launch a retroactive mechanism and withdrawal options, emphasizing that the assets have never faced risk, but they have higher expectations for themselves and offer no excuses. Previously, MegaETH's MEGA token auction opened on October 27th and was fully subscribed within minutes, ultimately attracting over $1.3 billion in commitments.