- Trove Markets raised $11.5 million in a token sale but its token plunged about 98% minutes after launch.
- The token fell from an implied market value near $21 million to roughly $330,000, according to a price chart.
- Developers say they refunded more than $2.4 million and will retain about $9.4 million to keep building on Solana.
- Critics allege undisclosed influencer promotions and misused funds; a pseudonymous investigator posted an on-chain probe linking $45,000 to a crypto casino.
- Investors report heavy losses and public complaints on social media after the token collapse.
On January 11, Trove Markets raised $11.5 million in a token sale on Hyperliquid, but its token crashed about 98% minutes after launch, wiping most investor value and prompting public complaints and calls for answers. The sale was announced by the project on X, where it said it had raised the funds directly. The sudden collapse is visible on a live market feed showing the drop from roughly $21 million to about $330,000.
Many investors posted losses online; one wrote that a $20,000 commitment became about $600 after the crash and said “My $20,000 investment… should have resulted in $14,000 USDC back and $6,000 in $TROVE,” adding “Due to the token giga nuking, they gave me in total $600 back.” The project’s anonymous team said it has refunded just over $2.4 million to early investors and will retain about $9.4 million to continue building a perpetual futures exchange for collectables on Solana, according to a post where they insisted “Trove is not disappearing,” and “We are not ‘taking the money and running.'” (statement).
The platform plans to offer leveraged perpetual futures for in-demand items like rare Pokémon cards and Counter Strike 2 skins, markets that have seen large swings; the value of Pokémon cards is tracked by the Card Ladder index (Card Ladder data), while digital item markets reached highs and later sharp declines reported by Bloomberg (high, crash).
Accusations surfaced that the team paid influencers without disclosure and offered discounts to participants; critics shared alleged screenshots and posts on X (discounts, posted screenshots, screenshots, solicitations). A pseudonymous investigator ZachXBT published an on-chain analysis alleging $45,000 moved to a casino address (analysis). The project has not publicly answered all allegations despite investor demands.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Mallers removes BTC-per-share data as XXI stock plunges now.
- Axie Infinity surges 89% after tokenomics overhaul revival!!
- ChainLeak in Chainlit exposes cloud API keys, enables SSRFs.
- India’s BRICS Push Counters US Tariffs, Boosts Global South.
- Nansen launches AI chat trading on Base and Solana networks.
