Overview
- The initial $250 million cap for KYC-verified Sonar wallets filled in about 156 seconds after a brief site reopening.
- Rate limits at Sonar and overloaded third-party APIs blocked many verified users and caused an unpredictable reopen that favored those repeatedly refreshing.
- A Gnosis Safe multisig was misconfigured, making a cap-change transaction executable early and triggering uncontrolled deposits.
- Attempts to raise the limit to $400 million and then $500 million were executed too late, leaving about $500 million in team-controlled contracts with no exploit reported by auditors Zellic and Slowmist.
- MegaETH scrapped the $1 billion plan, says a withdrawal page is coming for refunds, will preserve participants’ reward credit, and promises a full retrospective on the failures.