Prediction Market Space Public Offering Sparks Controversy, Team Retains Over $10 Million in Excess Funds Citing "Soft Cap"

Odaily According to reports, the public offering for Space, a leveraged prediction market platform on Solana, has sparked controversy. The project originally planned to raise $2.5 million but actually raised $20 million. The team subsequently announced it would refund $7.3 million and retain the remaining excess funds, stating that the $2.5 million was merely a "soft cap" and not a "hard cap".

The project further argued: "$2.5 million can only sustain operations for a few months. This amount only represents the minimum required for the initial launch and is insufficient to support the multi-year development of leveraged prediction market infrastructure."