MegaETH: Pre-collected funds will be refunded, and refunds will be processed through a new contract

ChainCatcher News, The official MegaETH account posted on X stating, "We have decided to refund all funds raised through the pre-deposit bridge. Due to careless and hasty execution, the outcome did not align with our goal of backing pre-deposits 1:1 with USD collateral to guarantee mainnet redemption. The subsequent impacts of this decision include:

1. The contributions of depositors will not be forgotten. However, all communications must comply with regulatory standards (i.e., 'At this stage, we must follow best practices in information disclosure'), and the refund process requires a new smart contract, which is currently under audit. Refunds will be issued as soon as the audit is completed.

2. USDm is an important component of the MegaETH economy and will be supported by many Frontier applications. Therefore, we will reopen the USDC to USDM conversion bridge before the Frontier mainnet launch to deepen liquidity and simplify the user registration process prior to launch."