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

BlockBeats News, February 9 — Last weekend, the Solana ecosystem launch platform MetaDAO experienced its first IC0 failure with the 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 IC0 failure and all participant funds were refunded.

Community feedback indicates that factors contributing to the IC0 failure include the project's overvaluation, unclear team background, and significant changes to the funding terms.