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

Crypto influencer IcoBeast had their $1 million MegaETH token allocation revoked due to a social media post discussing plans to hedge their MEGA token holdings. This action violated the agreement of a one-year lockup period for the tokens, which was stipulated for sale participants. MegaETH's Chief Strategy Officer, Namik Muduroglu, confirmed that IcoBeast’s public post broke the rules that required participants to retain their tokens without intentions to sell or hedge. The token sale had earlier generated significant interest, with over $1.39 billion in bids. This event has sparked mixed reactions, with some asserting that IcoBeast did not cross any lines, while others support MegaETH's decision to allocate tokens only to those committed to holding. The MEGA token is currently trading at approximately $0.48, reflecting a decline since IcoBeast's post. The stringent measures aim to ensure that allocations go to individuals genuinely bullish on MEGA, fostering a more stable holder base going forward.

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