Tensions are rising within the Trove Markets community after the project confirmed it would retain most of the funds raised from investors despite abruptly shifting its development focus. The decision, announced just days before the planned token launch, has triggered widespread criticism and shaken confidence in the project’s leadership.
Trove Keeps Majority of Funds After Solana Pivot
Trove raised more than $11.5 million through a token sale originally tied to building a perpetual futures exchange on Hyperliquid. However, the team later revealed a last-minute pivot to building on Solana, citing the withdrawal of 500,000 Hyperliquid tokens by a liquidity partner as the key reason.
Following the backlash, Trove stated it would retain approximately $9.4 million to continue development, describing the move as the only viable path to keep the project operational. Around $2.44 million has already been refunded, with an additional $100,000 earmarked for further repayments.
Trove said ;
TROVE Token Collapses After Launch
Investor frustration intensified after the TROVE token plunged more than 95% within minutes of its launch, dropping its market capitalization from roughly $20 million to under $1 million. On-chain analysis later identified a single entity receiving 12% of the token supply across multiple newly funded wallets, though no direct link to the Trove team was found.
Despite mounting criticism, Trove maintains it will continue building and aims to regain trust through execution. The project now plans to focus on perpetual trading tied to digital collectibles, targeting markets such as trading cards and in-game assets, which analysts estimate could grow into a multi-billion-dollar sector in the coming years.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.