Foresight News reports that blockchain analysis platform Bubblemaps monitored that Trove Markets’ project team quietly refunded KOLs despite pre-sale participants losing their entire investment. Trove raised $11.5 million through an ICO to build the project on the Hyperliquid platform, but things did not go as planned. Before the project launch, external liquidity providers sold off $20 million worth of HYPE tokens; subsequently, the team shifted to the Solana platform, and the TROVE token plummeted 99% at launch, causing heavy losses for ICO participants.
Bubblemaps, by monitoring wallets associated with TROVE deployers, found that one day after the token crash, $100,000 worth of USDC and $350,000 worth of USDT were transferred to newly funded wallets. The organization stated that it has on-chain evidence and leaked chat records proving that the project team engaged in improper behavior, treating investors differently.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Tether assists U.S. Department of Justice in freezing $61 million in "pig butchering" scam funds, exposing $4.2 billion in criminal freezes
Tether announced on February 27 that it has frozen approximately $4.2 billion worth of cryptocurrency tokens, mainly due to involvement in "illegal activities." The freeze includes $61 million of USDT related to "pig butchering" scams. As a stablecoin issuer, Tether has the ability to remotely freeze specific wallets, demonstrating its centralized nature. Research indicates that cryptocurrency money laundering activities are rapidly increasing, and FATF has called for strengthened regulation to address the associated challenges.
MarketWhisper35m ago
Bipartisan Bill Seeks To Shield Blockchain Developers From Criminal Liability
New bill protects non-custodial developers from unfair prosecution.
Clarifies that Section 1960 applies only to those who control customer funds.
Bill draws a line between coders and money transmitters.
Backers say it safeguards U.S. crypto innovation.
US lawmakers have introduced the
Blockzeit37m ago
Bitcoin ATMs face a nationwide ban, Minnesota legislation responds to scam crisis
Minnesota State Representative introduces HF 3642 bill, aiming to ban all Bitcoin ATMs within the state to address the rising issue of senior citizens being scammed. If passed, this bill will make Minnesota the first state in the U.S. to implement such a ban. Currently, there are approximately 430 of these machines in the state, and related scam cases continue to rise, prompting lawmakers to seek stricter measures to ensure public safety.
MarketWhisper42m ago
OpenAI fires employee involved in prediction market "insider trading"
PANews February 28 News, according to WIRED, OpenAI recently laid off an employee for trading on prediction market platforms such as Polymarket and Kalshi based on internal information. The report states that the employee used non-public information obtained through their work at OpenAI to bet on related contracts, allegedly constituting "insider trading" and violating company compliance policies.
GateNews49m ago
Gate Daily (February 28): U.S. Department of Justice seizes $580 million in crypto assets; Morgan Stanley applies for crypto custody license
Bitcoin fell back to $65,850 under the influence of US PPI data. As Morgan Stanley actively invests in digital assets and the effectiveness of US anti-fraud enforcement becomes evident, market sentiment has been hit. The rise in PPI has sparked inflation concerns, affecting US stock performance and leading to liquidity shortages in Bitcoin and other cryptocurrencies.
MarketWhisper1h ago
SEC Chair: The U.S. has missed the window for crypto regulation and is accelerating the modernization of rules
Odaily Planet Daily News: The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, stated that the SEC is re-accelerating its efforts in the crypto regulation field to make up for previous shortcomings in policy development. He pointed out at an event at the University of Texas that regulatory agencies had failed to adapt in a timely manner to industry innovation trends.
Atkins said that since the Trump administration took office, the SEC's stance has become more open, with the formation of a crypto task force, the withdrawal of multiple enforcement cases, and the launch of the "Project Crypto" initiative to promote updates to the regulatory framework. He emphasized that, compared to short-term price fluctuations, more attention is being paid to the application prospects of distributed ledger technology in payment, clearing, and settlement systems.
Additionally, the SEC has approved this week.
GateNews2h ago
