Foresight News reports that blockchain analysis platform Bubblemaps monitored that Trove Markets’ project team quietly refunded KOLs despite pre-sale participants losing their entire investment. Trove raised $11.5 million through an ICO to build the project on the Hyperliquid platform, but things did not go as planned. Before the project launch, external liquidity providers sold off $20 million worth of HYPE tokens; subsequently, the team shifted to the Solana platform, and the TROVE token plummeted 99% at launch, causing heavy losses for ICO participants.
Bubblemaps, by monitoring wallets associated with TROVE deployers, found that one day after the token crash, $100,000 worth of USDC and $350,000 worth of USDT were transferred to newly funded wallets. The organization stated that it has on-chain evidence and leaked chat records proving that the project team engaged in improper behavior, treating investors differently.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Investors Sue JPMorgan Chase Over $328M Crypto Fraud
Investors have sued JPMorgan Chase for allegedly enabling a $328 million Ponzi scheme by Goliath Ventures, claiming the bank ignored red flags and contributed to their losses through its financial services. They seek class-action certification for other affected investors.
TodayqNews13m ago
Victims in the Qian Zhimin Case File Objection with UK High Court Over 61,000 BTC Compensation Plan
In the Qian Zhimin case, Chinese victims have objected to a compensation plan proposed in the UK High Court, arguing that the plan could allow UK authorities to profit from the appreciation of seized Bitcoin. The case involves fraud from 2014 to 2017 that affected over 128,000 Chinese investors, with legal representatives claiming the compensation arrangement may be unfair.
GateNews14m ago
Prosecutors Oppose Sam Bankman-Fried’s Request for New Trial
Former FTX CEO Sam Bankman-Fried seeks a new trial, claiming new evidence from ex-officials could change his fraud conviction. Prosecutors argue this evidence was known before and wouldn't alter the case outcome, reaffirming FTX's financial mismanagement.
TheNewsCrypto1h ago
JPMorgan Sued by Investors for Allegedly Participating in $328 Million Crypto Ponzi Scheme
Investors filed a class action lawsuit in California on March 11, alleging that JPMorgan failed to prevent suspicious transactions related to a $328 million crypto Ponzi scheme operated by Goliath Ventures. The complaint claims that the bank provided exclusive banking services to Goliath from January 2023 through 2025, resulting in the misuse of substantial investor funds. The Goliath CEO has been arrested and faces serious criminal charges.
GateNews1h ago
SEC and CFTC Sign MOU to Align Crypto Oversight Rules
SEC and CFTC signed an MOU to coordinate crypto oversight and align regulatory frameworks across digital asset markets.
Agreement supports data sharing, joint enforcement coordination, and clearer guidance for crypto firms.
Initiative links to the Harmonization plan and CLARITY Act
CryptoFrontNews1h ago
Utah HB243 Bill Defines Prediction Markets as Gambling, Kalshi Files Federal Lawsuit
Utah HB243 bill classifies "proposition betting" as gambling and is expected to be signed by the governor, which will ban platforms like Kalshi from operating. Kalshi has filed a federal lawsuit, arguing that its contracts are derivatives. The CFTC chairman stated that the agency will defend its regulatory authority.
GateNews1h ago
