MegaETH Revokes $1 Million Token Sale Allotment After Influencer Posts Trading Plans

Crypto influencer IcoBeast had their $1 million MegaETH token allocation revoked on Sunday due to a social media post where they discussed plans to hedge their tokens, violating a one-year lockup agreement. The Ethereum layer-2 network had determined that participants could not express intentions to sell or hedge their tokens during this period. IcoBeast expressed concern over needing to hedge their MEGA allocation, valued at nearly $1 million at the time. MegaETH's Chief Strategy Officer, Namik Muduroglu, emphasized that token sale participants must acquire their tokens without any intention to resell and lamented that openly discussing selling strategies would lead to revocation of allocations. This policy has generated mixed reactions, with some feeling that IcoBeast's post did not constitute a serious violation, while others support ensuring tokens go to long-term holders. The MEGA token is currently trading at approximately $0.48, reflecting a decrease since the influencer's comments.

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