Refund

Nova

Berachain

<h2 id="berachain-responds-to-refund-report-clarifies-investor-terms">Berachain Responds to Refund Report, Clarifies Investor Terms</h2>
<p>The founder of Berachain has challenged recent reports suggesting that Brevan Howard’s crypto fund, Nova Digital, was granted a $25 million refund rights linked to its Series B investment, emphasizing that the details were incomplete and misleading.</p>
<p>Unchained reported that Nova Digital was granted a one-year period to seek a refund on its $25 million investment made during Berachain’s April 2024 Series B funding round. An accompanying side letter, signed by Berachain’s general counsel Jonathan Ip and Nova director Carol Reynolds, indicated that Nova could recover “some or all” of its funds within twelve months following the blockchain’s token generation event (TGE). The TGE occurred on February 6, suggesting Nova’s refund window extends until February 6, 2026.</p>
<h2 id="berachain-founder-denies-special-treatment-for-brevan-howard">Berachain Founder Denies Special Treatment for Brevan Howard</h2>
<p>Smokey The Bera, Berachain’s anonymous founder, dismissed the notion that Brevan Howard’s involvement was unique or privileged. “Their investments involve several complex commercial agreements, but they participated in the Series B on the same terms as all other investors,” Smokey affirmed. He explained that Brevan Howard’s Abu Dhabi office co-led the round through Nova, a new liquid-only investment vehicle, and that Nova expressed interest in the round months prior.</p>
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  <em>Source: <a href="https://x.com/SmokeyTheBera/status/1993109710510178335" rel="noopener noreferrer nofollow">Smokey The Bera</a></em>
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<h2 id="additional-arrangements-and-risk-protections">Additional Arrangements and Risk Protections</h2>
<p>Smokey detailed that Nova requested provisions to mitigate risk in case Berachain failed to successfully conduct the TGE or be listed on exchanges. Specifically, if those events did not occur, Nova’s purchased tokens would not be considered eligible investments through its liquid strategies. To address this, Nova agreed to supplementary commercial arrangements, including commitments to provide liquidity on the network, which could only materialize after launch.</p>
<p>Furthermore, Smokey emphasized that the side letter was standard practice, not a means to seal the deal with a reluctant party or to safeguard against post-launch losses, asserting that similar clauses have precedent in the industry.</p>
<p>Berachain’s founder also highlighted that Nova remains a significant holder and liquidity provider for Berachain, holding both tokens purchased during the Series B and additional tokens acquired on the open market. Despite challenging market conditions for altcoins, Nova has increased its exposure, underscoring its confidence in the project.</p>
<p>As of now, the BERA token has declined approximately 93% from its peak of $14.83 at launch in February, trading around $1.05, with a slight daily increase of 3.2%, according to CoinGecko.</p>
<p>This article was originally published as <a href="https://www.cryptobreaking.com/berachain-denies-report-calls-vc/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Berachain Denies Report, Calls VC Refund Deal ‘Incomplete’</a> on <a href="https://www.cryptobreaking.com/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Crypto Breaking News</a> – your trusted source for crypto news, Bitcoin news, and blockchain updates.</p>

Berachain Denies Report, Calls VC Refund Deal ‘Incomplete’

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