MegaETH’s MEGA Token Sale Surpasses $1 Billion Amid Concerns Over Sybil Activity

The Ethereum Layer-2 project MegaETH has seen massive demand for its MEGA token public sale, securing over $1 billion in commitments before its close. The sale, conducted via the Sonar platform, involves 500 million tokens with bids capped between $2,650 and $186,282 per person. Despite the rapid oversubscription, blockchain analytics firm Bubblemaps flagged significant concerns regarding Sybil activity, suggesting that over 20 entities used multiple connected wallets to bypass the individual bid limit.

Bubblemaps provided specific examples, tracing funds from Kraken to one participant who allegedly pledged around $600,000 across four wallets, three times the maximum allowed. In a more extensive finding, the firm identified a single participant who used over 20 linked addresses to invest approximately $5 million, significantly exceeding the allowed allocation. This incident underscores the ongoing challenges in ensuring fair distribution and transparency during high-profile token launches, highlighting the need for stricter verification standards.

(Source：BeInCrypto)