PANews reported on November 28th that MegaETH announced on the X platform: "We have decided to refund all funds raised through the pre-deposit bridge. Depositors' contributions will not be forgotten, but all communications must adhere to compliance standards. The refund process requires a new smart contract, which is currently under audit, and refunds will be processed later. USDm is an important part of the MegaETH ecosystem and will be supported by numerous Frontier applications in the mainnet beta. Therefore, MegaETH will reopen the USDC to USDM conversion bridge before the Frontier mainnet launch to enhance liquidity and facilitate user access before listing."

Previously, it was reported that MegaETH's pre-deposit campaign failed due to a technical glitch, abandoning its plan to expand the fundraising scale to $1 billion.