Trove Markets’ $11.5M token sale sparks backlash after last-minute changes spill into Polymarket bet

The public token sale for the decentralized perpetuals exchange Trove Markets, which raised over $11.5 million, descended into controversy due to last-minute contract changes. Users noticed the deposit cutoff date was extended to January 20th, allowing new funds to flow in after many believed the sale was ending. Simultaneously, large buy orders appeared on a Polymarket event tracking the sale's total commitments, allegedly linked to project wallets, causing prices to spike when Trove Markets briefly announced a five-day extension for a "fairer distribution."

This confusion was compounded when Trove Markets quickly retracted the extension, stating the original plan would stand, which stranded Polymarket traders who had adjusted positions based on the extension. Reports indicated one user lost approximately $73,000 on a bet. In response to the backlash, the Trove team apologized, admitting they "messed up" by announcing the extension after listening to a small group of allocators. A core team member explained the extension was a panicked reaction to perceived coordinated wallet activity late in the sale. Trove Markets confirmed the sale concluded at over $11.5 million, promised pro-rata refunds, and stated they will commission an independent review of the raise and wallet distribution.

(Source：The Block)