MegaETH said on Thursday evening that it will return all funds from its Pre-Deposit Bridge campaign, calling the execution “sloppy."

In an X thread on Nov. 27, the team said the process wasn’t “aligned with our goal of preloading collateral to guarantee 1:1 USDm conversion at mainnet.” The campaign, which took place about a month after the completion of its sold-out initial coin offering (ICO), had users deposit USDC to mint USDm, MegaETH’s native USD stablecoin. The refund will go through a new smart contract that is still being audited, the team said.

Users that participated in the bridge campaign were speculating that depositors would be rewarded with points toward the upcoming MegaETH rewards campaign for early supporters. MegaETH stressed in today’s X thread that depositor contributions “will not be forgotten.”

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