Trove Markets abandons Hyperliquid on the eve of TROVE’s TGE after a key partner’s withdrawal, making its DEX technically impossible and disrupting the original roadmap.
Unwise pivot shatters trust
Just hours before the TROVE token launch, Trove Markets announced abandoning Hyperliquid to rebuild its protocol entirely on Solana. This decision, coming a week after raising $11.5 million publicly, sparked accusations of manipulation and potential scam.
Sunday, the pseudonymous team member ‘Unwise’ explained that Trove could no longer continue development on Hyperliquid due to a liquidity partner withdrawing 500,000 HYPE tokens necessary for deploying the DEX for derivative products.
This led to a complete abandonment of the initial roadmap and a ‘from scratch’ reconstruction on Solana. The TGE, originally set for Sunday evening, was postponed twice within hours before being ultimately rescheduled for the following Monday.
A week already marked by chaos
This pivot extends an extremely chaotic sequence. During the ICO, the team modified the smart contract to extend the token sale just five minutes before closing, then reverted back fourteen minutes later. This back-and-forth caught traders off guard, with at least one losing over $70,000 on a now invalid bet.
Overwhelming accusations
Since the pivot announcement to Solana, many investors accuse Trove Markets of orchestrating a methodical scam. Allegations include a non-operational testnet, promised but undelivered tournaments, and rewards in tokens that may never be distributed.
Central to the controversy is the sale of the 500,000 HYPE tokens necessary for HIP-3 infrastructure, making the product technically impossible. Other allegations point to deliberate manipulation of the ICO, with massive initial deposits from the team and ‘friendly’ funds to create a false sense of traction, followed by discreet refunds.
Solana as a way out?
Officially, Solana is framed as an opportunity, but many see it as an escape route. The product sold to investors was based on Hyperliquid, its infrastructure, liquidity, and security model. Changing it post-raise fundamentally alters the value proposition.
At this stage, the TROVE token is not yet circulating, but trust has been significantly damaged. Polymarket traders anticipate a market cap between 5 to 10 million within 24 hours of launch.
Refund requests are increasing, and in the crypto ecosystem, the verdict is largely in: even without legal conclusions, Trove Markets has become a cautionary tale of investors’ worst fears.
