In response to community concerns regarding fundraising amounts and refund transparency, Spac has decided to refund $7.3 million in excess funds.

Author: PANews

Source: PANews

2026/01/22 11:15

PUBLIC$0.01696-7.01%

CAP$0.12969-0.03%

NOT$0.0005502-1.11%

PANews reported on January 22 that Space, a leveraged prediction market, released its latest official statement regarding token distribution, fundraising scale, and refund issues following its recent public sale .

According to official disclosures, this public sale attracted over $20 million, with 19.6% of the tokens ultimately allocated from the community pool (51% of the token economy), corresponding to a FDV of approximately $69 million. To ensure fairness in the allocation, the project decided to refund over $7.3 million in excess funds, explaining that some refund address changes were due to security considerations by participants. The funds raised will primarily be used for leveraged pools, liquidity building for listing, security audits, team expansion, and listing on CEXs.

Regarding the controversy surrounding the fundraising amount, Space clarified that the previously mentioned $2.5 million was a soft cap, not a hard cap. Expanding the fundraising scale aims to support liquidity in the leveraged market and years of research and development, ensuring the long-term competitiveness of the project.

Space has reportedly faced community scrutiny due to issues surrounding its fundraising scale and the team's background. Several community members pointed out that the team's predecessor appears to be the gaming project UFO Gaming, whose token price has plummeted by approximately 99% from its historical high. The community accuses Space of transitioning to prediction markets after its previous project failed to gain traction, and of failing to release any public or private beta versions, instead prioritizing the preparation of Hyperliquid perpetual contract code, raising suspicions of cashing out. Furthermore, the community is dissatisfied with the project's failure to announce the increase in the public offering amount after oversubscription, noting that many large refunds were processed from new addresses with no prior transaction history.

Market Opportunity

PUBLIC Price(PUBLIC)

$0.01696

$0.01696$0.01696

-8.12%

USD

PUBLIC (PUBLIC) Live Price Chart

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.