MegaETH: Pre-deposited funds will be refunded; refunds will be processed through a new contract.

Odaily Planet Daily reports that MegaETH officially announced on the X platform, "We have decided to refund all funds raised through the pre-deposit bridge. Due to a careless and hasty execution process, the expected return is inconsistent with our goal of pre-depositing collateral to guarantee a 1:1 USD exchange rate on the mainnet. The subsequent impacts of this decision include:

1. Depositors' contributions will not be forgotten. However, all communications must comply with compliance standards (i.e., "at this stage, we must follow best practices in terms of 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 a crucial component of the MegaETH economy and will be supported by numerous Frontier applications. Therefore, we will reopen the USDC to USDM conversion bridge before the Frontier mainnet launch to enhance liquidity and simplify the pre-launch registration process for users.