Trove’s $11M Dream Crumbles: A Tale of Crypto Catastrophe

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The investors, with a sense of indignation, have taken up arms for a class action lawsuit against the architects of the Trove project, whose $11 million presale has been marred by a sudden token collapse, an abrupt shift to Solana, and whispers of a rug pull.

Investors and crypto traders are now demanding a class action lawsuit against the creators of the Trove project, a venture that has proven as reliable as a gentleman’s promise to return a borrowed book.

This comes after the recent launch of the Trove token, where the token price collapsed by over 10% in less than 15 minutes-a feat rivaling the speed of a well-timed dance at a ball.

Investors are now accusing Trove core developers of running a rug pull, especially after the team abandoned its original blockchain plans just one week after finishing a massive presale. One might say the developers have a most peculiar way of managing their affairs, akin to a gentleman who, after securing a fortune through a well-attended ball, abruptly declares the event a failure and vanishes with the funds.

Trove Token Crash and the Alleged Solana Rug Pull

The main reason for the anger from the community comes from a sudden change in the project’s technical direction, a maneuver as disconcerting as a sudden waltz without a partner.

Trove Markets originally built its identity and fundraising efforts around the Hyperliquid ecosystem, a choice as steadfast as a squirrel’s commitment to a nut.

The team initially asked for $2.5 million but ended up collecting over $11 million from excited contributors, a sum that would make even the most frugal of ladies blush with surprise.

However, on Monday, the developers announced they would move the entire product to Solana, a decision as perplexing as a man choosing to court a lady only to later declare her a stranger.

In other words, this sudden choice trapped many investors who expected a launch on the HyperEVM network, a situation as unfortunate as a bride discovering her groom has fled with her dowry.

Massive rug pull in crypto – just got exposed hard.

Devs ran an ICO on Hyperliquid, smashed past their $2.5M target and raised over $11M. Then, without warning, they launched the token on Solana instead and kept all the funds – no refunds, nothing.

Token went live and…

– Hyperliquid Daily (@HYPERDailyTK)

When the coin finally went live on Solana, the results were a disaster, according to complaints. To start with, the fully diluted volume of the asset crashed from $20 million to $1 million in minutes-a drop as dramatic as a lady’s reputation after a single misstep.

Traders who tracked the launch also say that this move prevented Hyperliquid investors from withdrawing their money before the price bottomed, a situation as vexing as a man’s inability to retrieve his hat from a mischievous dog.

One user reported that their $20,000 investment should have returned $14,000 in stablecoins and $6,000 in tokens. Instead, they received a total of only $600 back because the value nuked (crashed) so badly. A loss as heart-wrenching as a lover’s farewell at a crossroads.

ZachXBT Says There Were Casino and Influencer Deposits

Blockchain investigator ZachXBT added fuel to the fire after he released data about the project’s spending habits, a revelation as scandalous as a lady’s secret correspondence with a disreputable gentleman.

He discovered that the team bridged $45,000 from the “Angel Round” raise and sent it straight to a casino deposit address, a move as reckless as a man wagering his last coin on a game of chance.

When asked to explain this, the Trove team tried to blame a specific crypto personality who is known for gambling content. Many community members found this excuse hard to believe. They pointed out that the same personality had been paid to promote the project earlier, a contradiction as glaring as a black cat in a coal mine.

Want to explain to the community why your team bridged $45K from the Trove Angel Round raise on Jan 11 and deposited it directly into a casino deposit address?

Source address7nRNzRX2WQ3WxV3eV6gDeJeWTApqefuXNXQRZ1xEh1ehDestination address…

– ZachXBT (@zachxbt)

Further also show that the project secretly paid influencers to pump the ICO. These promoters reportedly received monthly pay of $5,000 and the chance to buy tokens at half the price. Even worse, most of these individuals did not use “ad” tags in their posts, which shows a complete lack of transparency, a failing as unforgivable as a servant’s theft of a master’s silverware.

Finally, investigators found receipts that showed that some of this ICO money was used for bets on Polymarket, a practice as dubious as a gentleman’s fondness for dice games.

Related Reading: $282M BTC and LTC Theft That Pushed XMR Higher: How It Happened

Broken Promises Lead to Legal Threats

A well-known influencer named Meteversejoji released a statement to distance himself from the mess. He claimed he invested in the project months ago and was never told about the move to Solana. According to him, the team promised to reimburse him during the token generation event. He later realised that the developers had already spent a lot of the initial capital they raised, a betrayal as bitter as a lover’s deceit.

These are all the people responsible for making a scam project look legitimate for few thousand dollars. Never forget them.

– 0xfinance (@0xfinance)

The situation worsened when a major liquidity partner lost faith in the project and liquidated 500,000 HYPE tokens worth nearly $13 million just days before the launch. This massive sale immediately removed one of the pillars holding the project up and without this backing, the launch became a ticking time bomb, a scenario as perilous as a ship without a rudder.

So far, the community now sees the entire event as an effort to steal funds, while pretending to be in the middle of a network migration, a charade as transparent as a glass house in a storm.

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2026-01-20 17:15