Overview
- The team confirmed it will retain a substantial portion of proceeds from a sale marketed for a Hyperliquid-based DEX, reallocating capital to develop on Solana.
- TROVE fell roughly 95% within minutes of launch, with initial valuations near $20 million sliding to a market cap reported near $1–2 million.
- News reports cite about $9.4 million being kept for development, roughly $2.44 million refunded, and another $100,000 set aside for additional reimbursements.
- A builder known as Unwise said development on Hyperliquid became unfeasible after a liquidity partner unwound a 500,000 HYPE position.
- On-chain analysts flagged concentrated presale wallet activity and transfers to casino deposit addresses, fueling refund demands and talk of legal action as Trove lists spending on salaries, infrastructure, and marketing.