Questions have been raised regarding preferential terms in Berachain's fundraising, specifically concerning a "post-TGE refund right" granted to Brevan Howard's fund. Reports indicate the project team has not responded to inquiries about whether other investors received similar protections or the potential impact on project treasury. The concern centers on whether the project maintains sufficient liquidity to honor such refunds if exercised, particularly if the token performs poorly post-launch. Critics argue that such terms creates a misalignment of incentives between early institutional backers and retail participants. This situation highlights ongoing tensions regarding transparency in private fundraising rounds for major infrastructure projects. The lack of clarity on these terms has fueled uncertainty among observers regarding the project's financial stability.