MegaETH to Open $250M USDm Deposits on November 25

MegaETH to Open $250M USDm Deposits on November 25

MegaETH’s USDm pre-deposit launch suffered system failures and KYC errors, forcing a $500M cap instead of the planned $1B, which filled within seconds.

Fact Check
The statement is assessed as likely true based on strong, consistent evidence from a majority of the provided sources. The two core claims within the statement—the date of the event (November 25) and the deposit amount ($250 million)—are well-substantiated.The $250 million deposit cap is confirmed by a wide range of sources, including a reputable crypto news outlet, a crypto data platform, a cryptocurrency exchange's news arm, a financial markets publication, and community posts on Reddit and X. This creates a strong consensus around the financial figure.The November 25 date is explicitly confirmed by a high-authority crypto publication, The Block, and corroborated by a highly relevant post on the official MegaETH subreddit, which provides specific launch details. There is one minor piece of conflicting information from the Unchained report, which lists the date as "November 21, 2025." This is considered a likely typo, given that the year is incorrect and the date contradicts more credible sources. All other evidence points towards the event being imminent. The collective weight of the consistent, multi-source verification for both the date and the amount makes the original statement highly probable.
Summary

MegaETH’s Nov. 25 USDm pre-deposit launch encountered system crashes, misconfigured parameters, and a premature multisig transaction, disrupting operations and invalidating a planned $1 billion capacity. KYC issues and technical bugs forced the team to lock deposits at $500 million, a limit reached within seconds. Initially intended as a $250 million cap event, it experienced rapid oversubscription before being frozen. MegaETH has committed to a rollback and withdrawal process for participants.

Terms & Concepts
  • USDm: A blockchain-based stablecoin pegged to the US dollar, issued on the MegaETH network.
  • Safe multisig: A multi-signature wallet system by Safe (formerly Gnosis Safe) requiring multiple private keys to approve a transaction.