MegaETH has officially announced the decision to return all funds raised from its Pre-Deposit Bridge. The project admitted that the execution was "sloppy" and that expectations were not aligned with their goal of preloading collateral to guarantee a 1:1 USDm conversion at mainnet launch. The team stated that refunds will be processed via a new smart contract which is currently undergoing an audit. While contributors' efforts were acknowledged, the project emphasized the need to adhere to strict communication standards and compliance requirements. Looking ahead, MegaETH intends to reopen a USDC to USDm conversion bridge at a later date once the current issues are resolved, aiming to deepen liquidity properly. [Update 1] The project has confirmed that the refund process is initiated due to execution errors and misalignment with mainnet goals. A new contract for refunds is being audited, and a future conversion bridge is planned.