Trove backlash grows after team retains $9.4M, new token drops 95% post-launch

Trove shocked the community last week with a last-minute decision to pivot its perps DEX from Hyperliquid to Solana, a move that upset many of its initial backers.

Trove Markets has reignited backlash from investors after confirming it will retain roughly $9.4 million from a token sale originally tied to a planned integration with Hyperliquid, despite pivoting its perps DEX to Solana just days before its token launch.

Vocal critics on X accused the team of breaking fundraising expectations after Trove said the retained funds would now be used to continue development on Solana, rather than returning the bulk of capital raised for the Hyperliquid build.

Trove had raised over $11.5 million for a token sale tied to its integration on Hyperliquid, but announced on Friday, just days before its token generation event, that it will pivot to building on Solana.

One of Trove’s builders, “Unwise,” later blamed the pivot on a liquidity partner withdrawing 500,000 Hyperliquid (HYPE) tokens needed for the Hyperliquid integration, with dozens of Trove investors demanding refunds since the sudden change in direction.

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