MegaETH Presale Faces Investigation Over Sybil KYC Bypass
The MegaETH presale launched on October 28 sold out within minutes, attracting $296 million in bids—5.9 times the available supply. On-chain analysis by Bubblemaps has uncovered a Sybil attack and KYC bypass, with over 20 wallet clusters controlled by single entities staking more than $600,000 each—far exceeding the $186,000 bid cap. Participants reportedly used multiple IDs from associates to register compliant wallets. MegaETH Labs and KYC partner Echo are investigating potential breaches of the one-wallet-per-user policy. This incident underscores persistent challenges in ensuring fair token allocation in Ethereum layer-2 presales. Traders should monitor investigation outcomes, as any invalidations or policy changes could spark volatility in the MEGA token market debut.
Bearish
The discovery of a Sybil attack and KYC bypass in the MegaETH presale undermines investor confidence and introduces uncertainty around token supply. In the short term, the ongoing investigation and potential invalidations may trigger sell pressure and price volatility, leading to a bearish outlook for MEGA trading. Over the long term, stricter KYC enforcement and governance improvements could stabilize the market, but immediate sentiment is likely negative as traders reassess risk.