MegaETH: The pre-collected funds will be refunded, and the refunds will be processed through a new contract

MegaETH officially announced on the X platform that, "We have decided to refund all funds raised through the pre-deposit bridge. Due to the careless execution process, the expected goal of 1:1 dollar exchange with our pre-deposit collateral on the mainnet is not met. The implications of this decision include:

1. The contributions of depositors will not be forgotten. However, all communications must comply with regulatory standards (i.e., "At this stage, we must adhere to best practices in information disclosure"), and the refund process will require a new smart contract, which is currently under audit. Refunds will be issued as soon as the audit is completed.

2. USDm is an important component of the MegaETH economy and will be supported by many Frontier applications. Therefore, we will reopen the USDC to USDM conversion bridge before the Frontier mainnet launch to deepen liquidity and simplify the registration process for users prior to the launch."