KOL Refunds Spark Community Backlash
Bubblemaps revealed on X that Trove Markets discreetly refunded key opinion leaders (KOLs) who participated in the presale, while regular investors suffered substantial losses after the token price collapse. This selective refund policy has triggered significant community backlash.
By tracking wallets linked to the TROVE token deployer, analysts found that within 24 hours after the token crash, $100,000 in USDC and $350,000 in USDT were transferred to newly funded wallets. Combined with leaked chat records, the project team is accused of preferential treatment toward specific investors.
Trust Erodes After $11.5M Fundraising
In January 2024, the project raised $11.5 million through an ICO, retaining $9.4 million for Solana-based PerpDEX development. However, this decision failed to restore investor confidence. Instead, market panic ensued, causing the token price to plummet over 95%, severely impacting early backers.
Community Questions Promotion Tactics and Fund Usage
According to community reports, the project allegedly paid KOLs for promotion and transferred funds to entertainment platform accounts, further fueling investor concerns about project transparency and financial management.