Unruggable ICOs? MetaDAO and the $5 Million Exemption
In four days in 2025, wallets committed about $155 million of USDC to Umbra, a Solana privacy protocol raising on MetaDAO. The project kept $3 million. The rest went back.
That gap is the whole story in miniature. Public token sales are noisy again. They are not the 2017 version of public token sales. The money that actually stays in a treasury is smaller, slower, and — if the pitch is honest — harder to steal. MetaDAO, a Solana venue that...