Derivatives trading platform Trove Markets has recently made some moves. Just days before the token launch, the team suddenly announced they would abandon the original Hyperliquid plan, switch to the Solana ecosystem, and also withhold the raised funds, causing a stir among investors.

What happened next? According to official statements, Trove previously raised $11.5 million through an ICO, which was originally intended to be fully used for deep integration into the Hyperliquid ecosystem. But at a critical moment, the team suddenly changed their tune—they claimed that their liquidity partner was withdrawing and that approximately $9.4 million needed to be temporarily withheld. Does this explanation hold water? Many began to question.

The most heartbreaking part was the token performance. TROVE, upon launch, immediately plummeted—dropping 95% within just 10 minutes, with a market cap evaporating over $19 million. Subsequent on-chain data analysis worsened the situation—revealing suspicious token distribution patterns, prompting many to wonder: is this just normal market fluctuation, or another carefully orchestrated Rug pull?

Looking at the series of actions from fundraising to launch—sudden change of technical direction, large fund withholding, and immediate token crash—these signals together are enough to raise suspicion. For investors, this case once again serves as a reminder of an old but true lesson: in the crypto ecosystem, plans can change unexpectedly, and high-promised fundraising schemes are often the most susceptible to being broken.