Trove Markets allegedly secretly refunded KOLs after the price crash, while ICO participants suffered heavy losses

DeepFlowTech · 2026-02-12T14:57:56+00:00

The price of the $TROVE token for the perpetual contract protocol Trove Markets plummeted by 99%. Subsequently, the team secretly refunded KOLs, resulting in significant losses for regular pre-sale participants. On-chain data analysis shows that the team transferred approximately $100,000 USDC and $350,000 USDT to a new wallet, involving compensation requests related to KOLs.

DeepFlowTech

2026-02-12 14:57:56

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Deep Tide TechFlow News, February 12 — According to the on-chain data analysis platform Bubblemaps, perpetual contract protocol Trove Markets secretly refunded KOLs after its $TROVE token plummeted 99%, while ordinary pre-sale participants suffered heavy losses. Bubblemaps’ on-chain data reveals that one day after the token collapse, wallets associated with the $TROVE deployer transferred approximately $100,000 USDC and $350,000 USDT to newly created wallet addresses.

It is reported that Trove previously raised $11.5 million through an ICO to build projects on Hyperliquid, but the team later shifted focus to the Solana ecosystem. On-chain tracking shows that these funds came from the founder’s address, consistent with the compensation amounts requested by KOLs in leaked Telegram chat records. During the same period, this address also transferred over $250,000 in stablecoins to multiple wallets associated with other KOLs.

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