TL;DR

ICO Confusion: Trove Markets briefly announced a five-day extension before reversing the decision, creating uncertainty and backlash among participants.
Polymarket Loss: A trader betting on the sale’s final rise reportedly lost $73,000 after placing an $89,000 position based on the perceived extension.
Team Response: Trove cited last-minute pressure, identified coordinated wallets, and committed to an independent review while preparing for its February 10 mainnet launch.

The public token sale for Trove Markets took an unexpected turn last week after a series of conflicting announcements and contract adjustments created confusion among participants. What began as a smooth ICO quickly spiraled into controversy, culminating in a major loss for at least one Polymarket trader and renewed scrutiny over transparency in crypto fundraising processes.

Trove Sale – Scam. Trader was fooled

The sale went on without any problems or manipulations, but five minutes before the end of the sale, the contract changed the end date of the sale to January 20

Whoever noticed this ran to buy the YES prediction for >15M at the lowest prices… pic.twitter.com/ohjtCjr3Xr

— mahera (@mahera777) January 12, 2026

Confusion Over ICO Extension Sparks Community Backlash

Trove Markets initially celebrated surpassing $11.5 million in commitments, far above its $2.5 million target. The team confirmed pro-rata refunds and $TROVE token distribution ahead of the January 20 token generation event. Hours later, however, the project announced a five-day extension to January 16 to support fairer distribution. The sudden shift left traders uncertain about the sale’s actual end date. Trove soon reversed course, calling the extension a mistake and reaffirming the original schedule, acknowledging that early supporters and large allocators had influenced the initial decision.

Polymarket Trader Hit With $73K Loss After Reversal

The confusion spilled into Polymarket, where users were betting on the ICO’s final raise. Large buy orders ranging from 100,000 to 300,000 shares appeared near the bottom of the order book, with some alleging links to Trove wallets. One trader reportedly placed an $89,000 bet anticipating the extension. When Trove reversed its decision, the position resulted in an estimated $73,000 loss, fueling accusations of manipulation and prompting heated debate across social media.

Team Cites Pressure, Promises Independent Review

A pseudonymous team member, “Unwise,” later explained that the extension decision was made under pressure with roughly 25 minutes remaining in the sale. The team had identified a cluster of potentially coordinated wallets and faced a choice between ending the round or extending it to allow more participants. Trove committed to an independent third-party review of the raise and distribution to restore confidence and ensure transparency.

Trove’s Overflow Model and Next Steps Toward Mainnet

Trove operates an overflow ICO model, refunding excess contributions above the $2.5 million target while maintaining a $20 million fully diluted valuation. Only 12.5% of the $TROVE supply was offered, with automatic distribution planned. The project has shown strong early traction, recording $81.38 million in testnet volume. With the ICO concluded, Trove plans to onboard traders, expand markets, and enhance execution systems ahead of its February 10 mainnet launch and mobile beta rollout.

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Filed under: News - @ January 12, 2026 5:29 pm