Spac responds to community concerns regarding fundraising limits and refund transparency, decides to return over $7.3 million in excess funds

2026-01-22 03:15:45

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PANews January 22 News, the leverage prediction market Space has released the latest official statement regarding recent token distribution, fundraising scale, and refund issues following the public sale.
The official disclosure shows that this round of public sale attracted over $20 million, with 19.6% of the tokens allocated from the 51% community pool in the token economy, corresponding to an FDV of approximately $69 million. To ensure fair distribution, the project has decided to refund over $7.3 million of excess funds and explained that some refund address changes were made by participants for security reasons. The raised funds will mainly be used for the leverage pool, liquidity onboarding, security audits, team expansion, and listing on CEX.
Regarding the controversy over the fundraising amount, Space clarified that the previously mentioned $2.5 million was only a soft cap, not a hard cap. The expansion of the fundraising scale aims to support leverage market liquidity and years of R&D, ensuring the project’s long-term competitiveness.
It is reported that Space has triggered community doubts due to issues such as the fundraising scale and the team’s background. Several community members pointed out that the team’s predecessor is suspected to be the gaming project UFO Gaming, whose token price has plummeted about 99% from its historical high. The community accused Space of shifting to a prediction market after the old project showed no signs of progress, with no public or private test versions released to date, and instead prioritizing the development of Hyperliquid perpetual contracts, raising suspicions of cashing out. Additionally, the community is dissatisfied with the project raising the public offering quota without prior announcement after oversubscription, and pointed out that many large refund addresses are new addresses with no transaction history after changes.

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