Trove Markets faces backlash after deciding to keep $9.4 million from a token sale originally planned for a Hyperliquid project.
The team decided to move its decentralized exchange to Solana
just before the token launch.
The project had raised around $11.5 million to build on Hyperliquid. However, a few days before releasing the token, Trove announced it would no longer move forward with that plan and would instead focus on Solana.
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Many investors on X said they felt misled and asked for refunds. They claimed that their contributions were made under different expectations.
One team member said on X that the change occurred after a liquidity partner withdrew 500,000 Hyperliquid (HYPE) tokens needed for the original plan. This left the team unable to continue building on Hyperliquid.
Trove explained, “From the total raise, we will retain $9,397,403 to continue building a perp DEX on Solana”. The team added that this was “the only path that keeps Trove alive as a real product”.
They said some of the money has already been used or will be used for developer salaries, infrastructure, management, advisory roles, and marketing.
Trove also said that more than $2.44 million had already been returned to investors “as part of cleaning up participation and protecting distribution integrity”. Another $100,000 is planned to be refunded to participants from the initial coin offering.
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