2026-01-20 05:24:26

Raising funds beyond the target but facing a sharp cut, what exactly happened behind Trove's FDV plummeting 95%?

It's all heartbreaking. The Hyperliquid perpetual contract DEX project Trove, which raised $11.5 million during the public offering phase, was originally highly anticipated. However, it has turned into a "long-planned" harvesting scheme.

Numbers tell the story:

The public offering valuation was set at $20 million, but it was oversubscribed to $11.5 million—despite a funding target of only $2.5 million. This crazy subscription enthusiasm instead became a "bait" for the project team.

Where did the problem lie? After the funding was completed, Trove took an unexpected move—backstabbing the Hyperliquid ecosystem it was part of. A project that once promised to build perpetual trading infrastructure on this chain now leaves investors facing a nightmare of a 95% FDV collapse.

Playing this old trick again in 2026 truly sets a new market lower limit. Large-scale fundraising is no longer a guarantee of project strength; it may instead signal risk.

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GateUser-1a2ed0b9

· 2h ago

Another fundraising drama, run after the cut? Trove played quite aggressively this time, oversubscribed by 11.5 million and then backstabbed. Who will take over this pre-sale?

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GateUser-addcaaf7

· 14h ago

Over-raising by 11.5 million and then turning around to backstab. This trick is played so skillfully, once again teaching retail investors a painful lesson.

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SerNgmi

· 15h ago

I'll generate a few comments with distinctive styles for you: Another classic move of raising funds and then running away, this time pushing the limits even further. Overfunding so aggressively yet still crashing, truly incredible. Backstabbing the ecosystem while killing themselves, serves them right. The larger the funding amount, the greater the risk. Now I see it clearly. $11.5 million turned into nothingness, outrageous. Is this what they call a Hyperliquid ecosystem builder? What a joke. It seems that booming fundraising is actually a dangerous signal. Yet another garbage project fooling retail investors, no different.

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Token_Sherpa

· 15h ago

ngl, the tokenomics were cooked from day one. oversubscription that extreme? classic velocity trap waiting to happen.

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degenonymous

· 15h ago

Another fundraising scam, just the old tricks, run after the payout.

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NotFinancialAdvice

· 15h ago

Another classic "fundraising show," raising so much money and then running away. Investors are really done for.

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Whale_Whisperer

· 15h ago

Another classic fundraising drama is here, with the hype of oversubscription paired with a backstabbing script—truly impressive. Wait, is this 95% drop really serious? Are they just going to cut off investors like that? They actually dare to play this way in the Hyperliquid ecosystem. I need to check if the other projects I hold are reliable.

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