Crypto KOL's $1 million MegaETH token allocation revoked, official statement cites violation of one-year lock-up rule
Jinse Finance reported that crypto KOL IcoBeast had his $1 million MegaETH token allocation canceled because IcoBeast publicly stated his intention to hedge his MEGA allocation, which violated the rules associated with a one-year lock-up period. Previously, MegaETH Chief Strategy Officer Namik Muduroglu posted on X: "Anyone participating in the MegaETH sale and locking tokens for one year must: (i) acquire tokens for their own account, with no intention of resale or transfer; (ii) not engage in any transfer, resale, or hedging transactions that violate applicable laws. Anyone who publicly discusses OTC trades and hedging plans on Twitter will be refunded and will not be allocated any tokens." Muduroglu stated that the token sale was oversubscribed by 28 times. There is no point in allocating tokens to those who want to sell them before even receiving them; it is more beneficial for MegaETH and other MEGA holders to allocate these tokens to those who are bullish on MEGA and at least willing to hold during their self-imposed lock-up period. (Decrypt)
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