Trove Shocks Investors: $9.4M ICO Funds Retained, Token Crashes 95% After Solana Pivot

Core Insights - Trove Markets has faced significant scrutiny after deciding to retain approximately $9.4 million from a token sale initially linked to Hyperliquid, despite shifting its decentralized exchange (DEX) to Solana shortly before the token launch [1][3][4] - The TROVE token, which launched with an expected market capitalization of around $20 million, saw its value plummet by over 95% shortly after trading commenced, dropping to approximately $0.0008 and reducing its market cap to under $2 million [2][3] - The abrupt pivot to Solana was attributed to the withdrawal of a key liquidity partner, leading Trove to conclude that continuing on Hyperliquid was no longer viable [4][5] Fundraising and Financials - Trove raised over $11.5 million through a public token sale intended for building a perpetual DEX on Hyperliquid's infrastructure, but the pivot raised questions about the appropriateness of retaining the funds [3][4] - The company has refunded about $2.44 million to participants to maintain distribution integrity, with an additional $100,000 set for automatic refunds [6] - The remaining funds have been allocated for various operational costs, including developer salaries, infrastructure, and marketing [6] Community Response - Despite explanations provided by Trove, there remains ongoing criticism regarding the management of the fundraising process and the subsequent decisions made by the company [7]