The Trove token quickly crashed after its launch, with the community accusing it of a RUG PULL

Trove token quickly collapsed after being listed for trading today, dropping over 95% within ten minutes of opening, with FDV falling from about $20 million to less than $1 million. The project originally planned to issue on Hyperliquid and raise over $11.5 million through an ICO, with an initial target of $2.5 million, but suddenly shifted to issuing tokens on Solana before the TGE.

The project team previously admitted to a "mistake," stating that the withdrawal of liquidity partners led to the change in plans, but they did not refund the excess funds raised, nor has there been any substantial progress on refunds or audits. ZachXBT exposed details of the Trove fraud, showing that the ICO funds directly flowed into gambling accounts at casinos and Polymarket. It is reported that the team spent heavily to hire a large number of KOLs for promotion, but did not disclose this.

According to previous news from ChainCatcher, Trove will shift from Hyperliquid to Solana development, with TROVE dropping 97% at launch.