- Trove Markets launched a token that lost about $19 million of value within minutes after an initial coin offering (ICO).
- The project kept $9.4 million of the $11.4 million raised in the ICO, drawing investor anger toward the pseudonymous X account Unwise.
- Crypto researcher Eyeonchains says the true operator is a Shanghai-based individual named Jin Qing Qing, not Unwise (source).
- Eyeonchains traced ICO funds to deposits at exchanges including Binance, Bybit, Roobot, Gate, Coinsquare, and Lbank, and linked an early buyer address at Gate to the TAKER token (source).
- The researcher says connections extend to other projects and includes claims of a $4 million investment from Foresight Ventures; the findings have been passed to authorities (source).
Trove Markets, a decentralized perpetual derivatives marketplace, saw its token collapse and lost roughly $19 million of value within minutes after a recent launch. Investors also criticized the project after it retained $9.4 million of the $11.4 million raised in an initial coin offering (ICO), a token fundraising sale.
Eyeonchains, a crypto investigator on X, concluded that the pseudonymous account Unwise was likely a “frontman puppet” and identified a Shanghai-based operator named Jin Qing Qing as the “real actor” behind the token and related activity (source).
The researcher traced ICO proceeds to multiple exchanges, including Binance, Bybit, Roobot, Gate, Coinsquare, and Lbank. Eyeonchains used Arkham Intelligence to show a Gate deposit address was an early buyer of the TAKER token (source).
That Gate address also received about $80,000 from the team behind PoP Planet, the researcher says (source). A deeper probe found links between the firms under the Taker domain and the same individual named Jin Qing Qing (source, source).
Eyeonchains also reports uncovering phone numbers, email addresses, and 24 domains that appear to host multiple crypto scam and casino sites registered to Jin (source). The researcher suggests the individual may be a “professional max extractor” and is trying to “obscure personal identity” (source).
Eyeonchains further says the operation may have benefited from “high-level connections” and a $4 million investment from Foresight Ventures (source). The researcher states the collected material has been handed to authorities for identification and potential action (source).
For more coverage, follow Protos on X, Google News, or YouTube.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- US Bitcoin Mining Unprofitable as Prices Fall, Miners Pivot.
- Hyperliquid HYPE up 25% as $1.2B silver fuels buybacks surge
- BMNR Faces Risk from CLARITY Act Over Massive ETH Hoard Now!
- Stablecoins Could Strip One-Third of US Bank Deposits Widely
- Meta Stock Hits Turmoil After WhatsApp Privacy Lawsuit Shock
