MegaETH Revokes Influencer’s ICO Allocation After “Hedging” Confession Goes Viral

Crypto drama never really sleeps, and this week, it was IcoBeast.eth at the center of the spectacle. The influencer stirred up the timeline after initially revealing that his MegaETH ICO allocation, reportedly valued close to $1 million, had him thinking about hedging.

What started as a casual post about managing risk quickly escalated into a debate on community loyalty, token ethics, and whether Web3 really hates VC behavior… or just hates when influencers look like VCs.

Hedge tweet lights the fuse

The saga started on November 8, 2025, when IcoBeast shared that his MegaETH allocation had ballooned in value and he was considering a put option for protection. He posted on X:

“At current pre-market prices my MegaETH ICO allocation is worth nearly $1 million dollars. Man I badly need to figure out how to hedge this.”

When a user suggested OTC trading, IcoBeast responded that he’d likely have “one of the big desks write me a put at 40c” expiring January 2027, essentially confirming he was preparing to hedge before token distribution.

Cue the critics.

The next day, prominent crypto commentator Cobie weighed in, calling out what he described as a double standard. Cobie wrote:

“Pretty wild to call airdrop farmers low value and then publicly signal your intention to dump everything/buy puts…”

His message hit on a familiar tension in crypto: calling out early-stage insiders for hedging or offloading, then turning around and doing the same.

Allocation revoked as MegaETH team responds

MegaETH contributor Namik Muduroglu joined the conversation on November 10, clarifying that sale participants who locked tokens for a year agreed not to pursue resale or hedging.

Muduroglu also emphasized the oversubscription, 28x, and wrote that those openly planning to hedge “will receive a refund and zero allocation.”

He later confirmed IcoBeast’s allocation was fully revoked, stating the tokens would be redistributed to other participants.

IcoBeast himself confirmed the outcome, posting:

“Update: my allocation has been revoked and is now worth $0.”

The debate didn’t stop there. Some industry voices supported the decision, arguing that it aligned incentives with committed token holders.

Others pushed back, questioning whether revoking an allocation after grant contradicts decentralization ideals. One user summarized the counter-view:

“You allocated for him already, you can't tell him what he wants to do with his money.”

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