Blockchain analytics platform Bubblemaps has raised serious allegations against @TroveMarkets, claiming the project quietly refunded select key opinion leaders (KOLs) through stablecoin transfers after its $11.5 million ICO collapsed and the $TROVE token plunged 99% at launch.
According to Bubblemaps, on-chain data combined with leaked Telegram conversations suggest that while presale participants absorbed near-total losses, certain KOLs allegedly received compensation shortly after the token’s dramatic debut.
The full breakdown of the investigation was shared publicly and can be viewed here:
https://Twitter.com/bubblemaps/status/2021954975942029393
The claims have sparked intense debate across the crypto community, particularly given the scale of funds raised and the speed of the token’s collapse.
$11.5 Million Raised To Build On Hyperliquid
Trove Markets initially raised $11.5 million through an ICO, presenting plans to build on Hyperliquid. The fundraising campaign attracted significant attention, positioning the project as an ecosystem participant aligned with Hyperliquid’s growing infrastructure.
However, according to the allegations, events took an unexpected turn before launch.
Bubblemaps reports that Trove allegedly pivoted away from its original plan to build on Hyperliquid and instead shifted to Solana prior to the token’s debut. The pivot reportedly occurred before $TROVE officially launched, raising questions about communication transparency with investors.
Compounding concerns, an external liquidity provider (LP) allegedly sold $20 million worth of $HYPE tokens before launch. That move added another layer of controversy to the unfolding situation, especially given the project’s initial association with Hyperliquid.
By the time $TROVE officially went live, market conditions surrounding the token were already under pressure.
$TROVE Collapses 99% At Launch
When $TROVE debuted, the token reportedly dropped 99%, effectively wiping out ICO participant capital.
Presale investors, who contributed to the $11.5 million raise, allegedly saw their holdings lose nearly all value immediately after launch. The collapse triggered widespread backlash, with community members demanding clarity around the project’s execution and decision-making process.
According to Bubblemaps’ summary of events:
- Trove raised $11.5M via ICO to build on Hyperliquid
- An external LP sold $20M in $HYPE pre-launch
- The team pivoted to Solana
- $TROVE fell 99% at debut
- ICO participants lost everything
The combination of a chain pivot, liquidity shifts, and a near-total token collapse has intensified scrutiny over the project’s internal operations.
On-Chain Transfers Raise Red Flags
The controversy escalated after Bubblemaps began monitoring wallets linked to the $TROVE deployer.
According to the analytics firm, $100,000 in USDC and $350,000 in USDT were sent from wallets connected to the deployer to newly funded addresses just one day after the token collapsed.
These transfers, totaling $450,000 in stablecoins, allegedly match compensation amounts discussed in leaked Telegram chats between Trove founder @unwisecap and a KOL demanding repayment.
Bubblemaps claims that tracing these transactions led directly to a conversation in which the amounts mentioned correspond to the stablecoin transfers observed on-chain. The alignment between the leaked chat figures and the blockchain data forms the core of the allegation.
The timing, one day after the token’s 99% collapse, further intensifies suspicion among observers.
Additional Stablecoin Transfers To KOL-Linked Wallets
Beyond the initial $450,000 in transfers, Bubblemaps also reports that a wallet identified as 3wmr2C sent over $250,000 in stablecoins to multiple wallets allegedly connected to other KOLs during the same period.
These additional transfers reportedly occurred within a similar timeframe, strengthening claims that selective compensation may have taken place.
If verified, the pattern would suggest that certain influencers or promoters received refunds while regular ICO participants did not.
The alleged discrepancy between how KOLs and public investors were treated has fueled broader concerns about fairness and disclosure in token launches. Selective repayment, if proven, would raise serious questions about fiduciary responsibility and investor communication.
Leaked Chats And Growing Community Scrutiny
Bubblemaps states that its investigation linked the on-chain transfers to leaked Telegram conversations involving Trove’s founder, @unwisecap, and at least one KOL requesting compensation.
According to the report, the amounts discussed in the chats align closely with the stablecoin transfers observed on-chain. The convergence of wallet analysis and chat screenshots has amplified calls for transparency.
At the center of the controversy lies a broader issue facing the crypto industry: the role of influencer marketing in ICO fundraising.
KOLs often promote token sales to their audiences. When projects collapse, questions frequently arise about whether influencers share downside risk equally with retail investors, or whether private arrangements exist behind the scenes.
In this case, Bubblemaps’ findings suggest the possibility that certain KOLs may have been reimbursed after $TROVE’s collapse, while ICO participants reportedly absorbed full losses.
Industry Implications
The allegations surrounding Trove Markets highlight ongoing concerns about ICO accountability, liquidity transparency, and pre-launch token activity.
The reported sale of $20 million in $HYPE by an external LP before launch, the pivot from Hyperliquid to Solana, and the 99% token collapse collectively create a narrative that has drawn intense community scrutiny.
If on-chain evidence ultimately confirms selective refunds, the case could serve as a cautionary example of the risks associated with early-stage token sales and influencer-backed promotions.
At the same time, the situation underscores the power of blockchain transparency. On-chain analytics tools like Bubblemaps enable independent investigators to trace fund flows, identify wallet relationships, and connect transaction patterns to off-chain communications.
As the story continues to develop, market participants will closely monitor responses from Trove Markets and its leadership. For now, the allegations have placed the project under a spotlight, one shaped not by speculation alone, but by publicly traceable blockchain data.
In a market that increasingly demands transparency, the Trove controversy reinforces a central truth: on-chain activity leaves a permanent record, and the community is watching.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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