[Berachain Once Granted Nova Digital a $25 Million Refund Option, Potentially Violating SEC Anti-Fraud Requirements] According to Foresight News, citing Unchained, documents reveal that Berachain granted a special refund option clause to Brevan Howard's Nova Digital fund during its Series B financing, making Nova Digital's venture investment in Berachain nearly 'risk-free.' Nova Digital invested $25 million in March 2024 to purchase BERA tokens at a price of $3 per token. Additionally, the fund was granted the right to request a full refund within one year after the TGE, with the deadline set for February 6, 2026. Crypto lawyers have stated that it is extremely rare for projects to offer investors a refund option after the TGE. Currently, the price of BERA tokens is approximately $1.02, a decline of about 66% compared to the investment price. An anonymous Series B investor disclosed that Berachain did not inform them that other investors had refund clauses. Lawyers pointed out that this could potentially violate the most-favored-nation clause and SEC anti-fraud requirements.