Investors Call for a Class-Action Lawsuit Against Trove as Rug Pull Allegations Mount

The crypto community is turning sharply against Trove Markets. Shortly after launch, the TROVE token plunged by more than 10% within minutes, triggering widespread calls for a class-action lawsuit. Investors accuse the project of a rug pull, misuse of funds, and describe it as a launch that “went live—and immediately died.” The controversy erupted just a week after Trove completed its presale. The team unexpectedly abandoned the Hyperliquid / HyperEVM ecosystem and announced a launch on Solana instead. Contributors who backed the project under the assumption it would remain in the original ecosystem say the move blindsided them. Critics argue the switch crippled market access and prevented timely exits.

Chain Switch Sparks Exit-Liquidity Accusations Trove marketed itself as a decentralized perpetual trading platform and built its community and fundraising around Hyperliquid. The initial goal was to raise $2.5 million, but the project ultimately collected over $11 million from investors expecting a Hyperliquid-based launch. When the team officially confirmed the move to Solana on Monday, the community quickly accused insiders of engineering exit liquidity. Detractors say the chain change trapped Hyperliquid investors and created uneven conditions at launch.

Fully Diluted Value Collapses to $1 Million The fallout was swift. According to traders monitoring the debut, TROVE’s fully diluted valuation (FDV) crashed from roughly $20 million to just $1 million shortly after the Solana launch. The chain migration allegedly blocked some investors from closing positions. One affected investor said: “From a $20,000 investment, I was supposed to receive $14,000 in USDC and $6,000 in TROVE. After all the changes, I received about $600 total.”

Allegations of Undisclosed Paid Influencers Further criticism followed claims that Trove secretly paid crypto influencers to promote the ICO without disclosing sponsorships. The Hyperliquid Daily X account cited an alleged $8,000 payment to an influencer, referencing findings by blockchain investigator ZachXBT. Additional allegations suggest some influencers added the TROVE logo to their usernames in exchange for monthly payments of around $5,000 and the ability to purchase tokens at a 50% discount to the public—without proper ad disclosures.

Questions Over Fund Transfers to a Casino ZachXBT also questioned fund movements tied to the project, highlighting a transaction in which $45,000 from the Trove Angel Round was transferred to an address associated with an online casino. “Can you explain to the community why part of the funds raised were bridged to a casino deposit address?” the investigator asked. Trove’s team suggested the transfer might be linked to an external crypto personality, but critics rejected the explanation, noting the same account had actively promoted TROVE.

Influencer: “I Was Misled Too” One influencer, known as Meteversejoji, later defended himself, claiming he was not informed of the move to Solana and had invested months before launch. He said that when he requested a refund days before release, he was told everything would be addressed at the token generation event—even though much of the capital had already been spent. “I didn’t do enough due diligence and trusted the hype. I’m sorry if I influenced anyone—I was misled as well,” he concluded.

Community Trust Unravels The Trove saga continues to escalate. Investors are demanding answers, refunds, and some are openly pursuing legal action. The case underscores how quickly trust can collapse in crypto—especially when the rules change at the last minute.

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