This is a typical rug pull case that everyone should be alert to. Trove's price fell below the issuance price on the first day of trading, with a decline of over 97% on the first day alone, and subsequent insider operations left people stunned.

The project's tactics are textbook-level. They repeatedly modify and withdraw decisions like "extended public offering," preemptively positioning in the prediction market, and exploiting information asymmetry to achieve precise harvesting. Insider trading is just the tip of the iceberg.

Buyouts of KOLs are also quite interesting—privately offering these opinion leaders amounts far below market price (about 40%), while directly funneling marketing expenses into their accounts. As a result, retail investors and KOLs have vastly different holding costs, making it impossible for retail investors to compete when KOLs start to sell off.

The most ironic part is the betrayal of the ecosystem. During the fundraising phase, they attracted traffic under the banner of Hyperliquid, but once the money was in hand, they immediately switched to Solana, even maliciously dumping the token, selling off millions of dollars worth of HYPE tokens.

Then there are those contradictory statements. The official claim is "not selling tokens," but on-chain detectives caught them continuously selling tokens. The website claims to comply with the EU MiCA regulatory framework, but their actual operations are completely opposite. Even more shocking, it was later revealed that core members are actually from Iran—under such backgrounds, EU regulations have little to no restraining power over them.