Trove ICO Scam – Funds Recovery

Project: TroveMarkets marketed a perp DEX for collectibles (e.g., Pokémon cards), RWAs, equities, and prediction markets with leverage, explicitly built and launched on the Hyperliquid blockchain as a core promise to attract participants. ICO Terms: January 8–11, 2026. Official cap $2.5M at $20M FDV, fully unlocked tokens. Oversubscription explicitly addressed with pro-rata refunds promised for excess commitments to honor original terms. Raised: >$11.5M (heavily oversubscribed in USDC + HYPE). Post-ICO Pivot: Team abruptly abandoned Hyperliquid integration entirely, pivoting the entire project (including token launch and DEX rebuild) to Solana — fundamentally changing the product investors funded. Refunds: Processed only partial refunds (~$2.44M, mainly for flagged/malicious wallets). Retained ~$9.4M despite the major pivot violating initial terms. No full pro-rata refunds delivered as originally promised for oversubscription. Token Outcome: $TROVE launched on Solana at hyped $20M FDV → immediate 95–97% crash (down to ~$600–950K FDV within hours). Liquidity issues and dumps reported. Investor Harm Hundreds of contributors lost 95–98%+ of funds after investing based on the Hyperliquid-native roadmap and explicit refund assurances for oversubscription. Community outrage centers on bait-and-switch: funds raised under one blockchain promise, project fully redirected to another without returning excess or honoring original commitments.

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