The post Trove token tanks 95% as exchange pivots from Hyperliquid to Solana appeared on BitcoinEthereumNews.com.

Trove’s TROVE crashes 95% as team pivots from Hyperliquid to Solana while keeping most ICO funds, sparking refund demands and legal threats. Summary Trove raised funds for a Hyperliquid-based perp DEX, then abruptly pivoted to Solana pre-TGE.​ Team kept most ICO proceeds for Solana development, offering only partial refunds.​ On-chain data and sale missteps fueled rug-pull accusations and calls for legal action. Trove Markets confirmed it will retain funds from a token sale originally marketed for integration with Hyperliquid, despite shifting its perpetual decentralized exchange to Solana days before its token launch, according to statements from the company. TROVE token plunges 95% following launch The TROVE token plunged approximately 95% within minutes of trading launch, following the platform pivot announced shortly before the token generation event. The company raised funds through a public token sale intended for building a perpetual decentralized exchange using Hyperliquid’s infrastructure. Days before the scheduled token generation event, the team announced a pivot to Solana, raising questions among contributors about the disposition of raised funds. Trove stated it would retain a substantial portion of the proceeds to continue development on Solana, describing the decision as necessary to maintain product viability. A Trove builder identified as Unwise attributed the pivot to the withdrawal of a key liquidity partner who had previously supported the Hyperliquid integration with a significant position, according to public statements. The team stated that without this support, continuing development on Hyperliquid was no longer feasible, prompting the decision to rebuild the perpetual exchange on Solana. In social media statements, Trove acknowledged that its handling of the initial coin offering and subsequent decisions caused confusion and eroded trust among participants. The company stated it had issued refunds to some participants and planned additional automatic refunds. Remaining funds have been allocated or spent on developer salaries,…

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Filed under: News - @ January 20, 2026 1:29 pm