Market downturn combined with overvaluation, MetaDAO faces its first ICO failure project

ZkProver · 2026-02-12T11:51:27+00:00

Solana ecosystem issuance platform MetaDAO's first ICO project Hurupay did not reach its funding goal. Launched on February 3, 2026, it only raised about $2 million, falling short of the minimum target of $3 million, resulting in ICO failure and refunding of funds. Community feedback indicates that overvaluation of the project, unclear team background, and changes in funding terms were factors leading to the failure.

ZkProver

2026-02-12 11:51:27

Abstract generation in progress

ChainCatcher reports that the Solana ecosystem launch platform MetaDAO has experienced its first failed ICO project, Hurupay. The project was launched on February 3, 2026, with a minimum fundraising goal of $3 million. Ultimately, only about $2,003,593 was raised (approximately 67% of the minimum target). Due to not meeting the required minimum funding threshold, MetaDAO announced the ICO failure, and all participant funds were refunded.

Community feedback indicates that factors contributing to the ICO failure include overvaluation of the project, unclear team background, and significant changes to the funding terms.

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