Berachain has been disclosed to have granted Nova Digital, a subsidiary of Brevan Howard, a $25 million “refund right” during its Series B financing in 2024, which can be requested to return the entire investment principal within one year after the TGE on February 6, 2025; according to the additional terms, Nova must deposit $5 million into Berachain within 30 days after the TGE to exercise this right. This rare clause was not disclosed to other investors, raising questions about whether it violates MFN clauses and disclosure obligations, while the price of BERA has fallen by about 66% compared to Nova's $3 investment price. Smokey the Bera, co-founder of Berachain, responded that all parties used the same documents to participate in this round of financing, but did not answer specific questions or clarify the related commercial agreements. (Unchained)
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