A certain crypto KOL's $1 million MegaETH token allocation has been revoked, with officials stating that it violated the one-year lock-up rule

According to Decrypt, crypto KOL IcoBeast had a $1 million MegaETH token allocation canceled because IcoBeast publicly stated an intention to hedge its MEGA allocation, violating the rules associated with the one-year lock-up period.

Previously, MegaETH Chief Strategy Officer Namik Muduroglu posted on X stating: "Any participant in the MegaETH sale who locks up tokens for one year must:

(i) acquire tokens for their own account, with no intention of resale or transfer;

(ii) not engage in any transfers, resales, or hedging transactions that violate applicable laws. Anyone who publicly discusses over-the-counter trading and hedging plans on Twitter will receive a refund and will not be allocated any tokens."

Muduroglu stated that the token sale was oversubscribed by 28 times. It makes no sense to allocate tokens to those who want to sell them before they have even received them; allocating these tokens to those who are optimistic about MEGA and are at least willing to hold them during their self-imposed lock-up period is more beneficial for MegaETH and other MEGA holders.