Crypto Investors Cry 'Rug' As Token Tied To Pokémon Card Trading Project Crashes Near Zero

Core Insights - Trove Markets faced significant backlash after its initial coin offering (ICO) extension announcement led to confusion and a subsequent token crash, with the token's market cap plummeting over 99% from nearly $19 million to approximately $153,000 within minutes [5][6]. ICO Announcement and Confusion - The ICO was initially oversubscribed, raising over $11.5 million, but the announcement of a five-day extension on January 11 was quickly reversed, causing chaos among traders [2][3]. - The decision to extend the ICO was intended to ensure fair distribution to genuine users, but it ultimately contributed to a chaotic launch [3]. Investor Reactions and Allegations - Investors reported significant losses, with claims of investments worth tens of thousands of dollars resulting in minimal returns due to the token's drastic decline [4][5]. - Accusations of a "rug pull" emerged, with investors alleging that insiders benefited from the situation through pre-launch trading [6]. Token Launch and Market Impact - The token crashed over 95% shortly after its launch on January 19, leading to accusations of mismanagement and insider trading [6]. - Trove Markets announced a switch to the Solana blockchain for its launch, which added to the confusion surrounding the ICO [8]. Influencer Payments and Transparency Issues - The founder of Trove Markets admitted to paying influencers for undisclosed promotions, raising concerns about transparency and potential conflicts of interest [9][10]. - Despite the backlash, Trove Markets stated its commitment to rebuilding trust through execution and denied any fraudulent intentions [10].