Bubblemaps: Trove Markets project team quietly refunds presale to KOLs

Foresight News reported that blockchain analytics platform Bubblemaps has monitored that the Trove Markets project team quietly refunded KOLs while presale participants lost all their funds. Trove raised $11.5 million through an ICO to build the project on the Hyperliquid platform, but things did not go as planned. Before the project launch, Trove's external liquidity providers sold $20 million worth of HYPE tokens; subsequently, the team shifted to the Solana platform, and the TROVE token plummeted by 99% at launch, causing heavy losses for ICO participants.

Bubblemaps discovered by monitoring wallets associated with the TROVE deployer that one day after the token crash, $100,000 in USDC and $350,000 in USDT were transferred to newly funded wallets. The organization stated that it has obtained on-chain evidence and leaked chat records proving the project team engaged in improper conduct by treating investors differently.