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Summary: Trove Markets confirmed it will retain funds from a token sale originally marketed for integration with Hyperliquid, despite pivoting its perpetual decentralized exchange to Solana days before the token generation event. The TROVE token plunged about 95% within minutes of trading launch following the pivot. The company raised funds via a public token sale intended for building a perpetual decentralized exchange using Hyperliquid’s infrastructure. Days before the scheduled token generation event, the team announced a pivot to Solana, raising questions among contributors about the disposition of raised funds. Trove stated it would retain a substantial portion of the proceeds to continue development on Solana, describing the decision as necessary to maintain product viability. A Trove builder identified as Unwise attributed the pivot to the withdrawal of a key liquidity partner who had previously supported the Hyperliquid integration, and the team said that without this support, continuing development on Hyperliquid was no longer feasible. In social media statements, Trove acknowledged that its handling of the ICO and subsequent decisions caused confusion and eroded trust; refunds were issued to some participants and more automatic refunds were planned. Remaining funds have been allocated to developer salaries, frontend and backend infrastructure, a chief technology officer, advisory services, marketing, and operating costs. Critics questioned the repurposing of funds raised for Hyperliquid development, and called for refunds and potential legal action. On-chain analysis suggested a single entity controlled a notable portion of TROVE supply across wallets funded through the same exchange within concentrated time periods, though no direct evidence linked the wallets to the Trove team.
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