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

Crypto influencer IcoBeast had their $1 million MegaETH token allocation revoked after publicly discussing plans to hedge their token holdings, breaching a rule regarding a one-year lockup period. MegaETH had conducted a public sale, granting tokens to selected participants based on their community activity. The revocation occurred after IcoBeast posted about needing to hedge, which MegaETH’s CSO, Namik Muduroglu, stated violated the agreement participants made when they secured their token allotments. IcoBeast's allocation was rescinded as part of a policy to ensure tokens go to those committed to holding through the lockup. Following this news, the MEGA token was trading at $0.48, reflecting a decline since the revocation. The response within the community was mixed, with some supporting the action while others felt IcoBeast hadn't actually violated the agreement but merely considered hedging.

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