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Crypto KOL's $1 million MegaETH token allocation has been revoked, with officials citing a violation of the one-year lock-up period rule.
According to ChainCatcher, reported by Decrypt, the crypto KOL IcoBeast has had its $1 million MegaETH token allocation canceled because IcoBeast publicly stated that it attempted to hedge its MEGA allocation, violating rules related to a one-year lock-up period.
Previously, MegaETH Chief Strategy Officer Namik Muduroglu posted on X that: “Anyone participating in the MegaETH sale and locking tokens for one year must: (i) Obtain 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 publicly discussing OTC trading and hedging plans on Twitter will be refunded and will not receive any tokens.”
Muduroglu stated that the token sale was oversubscribed by 28 times. Distributing tokens to those who haven’t received them and want to sell makes no sense. It would be more beneficial for MegaETH and other MEGA holders to allocate these tokens to those who are optimistic about MEGA and are willing to hold them at least for the lock-up period they set themselves.