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
Prediction markets win big! Court rules: New Jersey has “no authority to ban” Kalshi from launching sports event contracts
The U.S. federal appeals court ruled that the state of New Jersey lacks authority to block the sports contract offerings of the prediction market platform Kalshi, which are regulated by the CFTC, stating that federal law takes precedence over state law. Although Kalshi prevailed, experts said this is only a temporary victory and that the Supreme Court will ultimately have to decide the jurisdiction issue.
区块客53m ago
Crypto Fraud Losses in the U.S. Surge to $11.36 Billion, FBI Reports
In 2025, Americans lost $11.36 billion to cryptocurrency fraud, a 22% increase from 2024, with investment scams accounting for the majority. Despite increased enforcement, scams continue to thrive, particularly affecting older victims, prompting authorities to enhance anti-fraud measures.
CryptometerIo2h ago
The SEC appoints David Woodcock as the new head of its enforcement division, drawing attention to crypto regulation
The U.S. Securities and Exchange Commission (SEC) appointed David Woodcock as the new head of its enforcement division on April 8, replacing the departing official. Woodcock does not have a background in the crypto industry, and the appointment comes amid controversy over the SEC’s actions in crypto enforcement. The SEC chair said the move will strengthen efforts to crack down on misconduct by investors.
GateNews2h ago
Is there a connection between it and the Crown Prince Group? While a cryptocurrency resort project in Timor-Leste is underway, the construction site is left completely empty.
Timor-Leste’s “crypto cryptocurrency resort” plan is reportedly related to a scam network run by the Cambodian royal family group that has been sanctioned by the United States; on-the-ground investigations found the site to be empty land. The royal family group is accused of carrying out large-scale online fraud, with victims worldwide. The investigation has raised concerns within the Timor-Leste government, which said the country faces the risk of transnational crime.
CryptoCity7h ago
Crypto investment scams are rampant! FBI report: Americans were scammed out of $11.4 billion last year, up 22% year over year
A U.S. FBI report shows that in 2025, losses from cryptocurrency scams reached $11.4 billion, up 22% from the previous year. The scams are sophisticated, mainly controlled by criminal groups in Southeast Asia, and they use human trafficking to force victims into labor. The number of victims increased to 181,565 cases, with an average loss of more than $62,000; many people lost their lifetime savings.
区块客9h ago
ZachXBT discloses internal payment server data from North Korean IT workers, involving a $3.5 million flow of funds
On-chain detective ZachXBT revealed that an anonymous source shared stolen data from North Korea’s internal payment servers, involving 390 accounts and encrypted transaction information. More than $3.5 million in funds vanished, and it is connected to a sanctioned company. ZachXBT has compiled a detailed organizational chart.
GateNews10h ago
