## MegaETH Withdraws $1 Billion Funding Plan Ethereum Layer-2 solution, MegaETH, has completely abandoned its ambitious $1 billion funding round due to significant technical problems during its token sale. ## Technical Errors Plague Token Sale According to MegaETH, a series of errors hampered the process. These included KYC module failures on the pre-deposit page due to configuration and rate-limit issues. Furthermore, a multi-signature transaction, intended for later adjustments, was prematurely executed, leading to an unexpectedly early opening of the deposit window. ## Pre-Deposit Cap Exceeded The deposit window issue resulted in the pre-deposit cap of $250 million being exceeded as users exploited randomly opened timings by repeatedly refreshing the website. ## Funding Reduced, Future Uncertain MegaETH now intends to freeze deposits at $500 million and scrap its plans to expand the round to $1 billion. The team has taken full responsibility, acknowledging the issues and their consequences. The future of the MegaETH project and its funding strategy remain uncertain following this setback. ```