Trove Investors Furious After Team Keeps $9M and Token Tanks

Trove Markets has sparked outrage among investors after announcing a sudden pivot from building its perpetual decentralized exchange (DEX) on Hyperliquid to Solana, just days before its token generation event (TGE). The team disclosed it will retain approximately $9.4 million of the over $11.5 million raised to continue development on Solana, claiming it is the "only path that keeps Trove alive." One builder cited a liquidity partner withdrawing necessary Hyperliquid tokens as the reason for the change. Frustration escalated when the newly launched TROVE token plummeted over 95% shortly after launch, reducing its market cap from $20 million to under $1 million. While Trove stated it refunded over $2.44 million to some investors, critics labeled the move a "scam." Despite the turmoil, Trove assured the community they are committed to building the perp DEX, which will focus on collectibles like Pokémon cards and CS2 skins, aiming to earn back trust through execution.

(Source：Cointelegraph)