Trove Markets fallout deepens after token crashes post-launch

The fallout from Trove Markets' launch has intensified after its native token, TROVE, plummeted by over 95% following its debut on Solana, reducing its fully diluted valuation from $20 million to under $1 million almost instantly. This collapse followed earlier controversy surrounding an $11.5 million public token sale that was unexpectedly moved from Hyperliquid to Solana due to a liquidity partner withdrawing HYPE tokens. Following the token generation event (TGE), Trove announced it would retain about $9.4 million of the raised funds and offer only partial refunds, fueling outrage among participants who demanded full capital returns given the material roadmap change. Community members have since accused the project of misusing funds, citing allegations of bridging proceeds through mixers and off-ramping to centralized exchanges, with investigator ZachXBT questioning a large SOL transfer to a casino address. Trove has refuted the exit scam claims, asserting that user funds are accounted for and that they are continuing development.

(Source：The Block)