Written by: Sanqing, Foresight News

On January 19, a member of the digital collectibles contract platform Trove, known as unwise, tweeted that Trove will migrate to Solana. The member stated that its liquidity partner supporting the Hyperliquid path chose to liquidate its 500,000 HYPE positions. Subsequently, the addresses disclosed on its ICO page for purchasing HYPE began to sell.

unwise's tweet (above), Trove related address HYPE transaction records (below) | Image source: X (above, translated), HypurrScan (below)

Previously, Trove had mentioned multiple times that it had raised $20 million, would launch tokens on Hyperliquid, and would build its digital collectibles contract platform based on HIP-3. According to publicly available information, it has completed a $20 million FDV, selling 12.5% of the total supply in its ICO.

ICO Repeatedly Fluctuates, Funds Shifted to Prediction Market

The Trove ICO was originally scheduled to start on January 9 at 1:00 and end on January 12 at 1:00.

On January 12, the project team announced that it had raised over $11.5 million and extended the ICO by 5 days until January 16 at 1:00. 42 minutes later, they retracted that decision and stated that the ICO would end as originally planned.

As a result, the probabilities on Polymarket regarding Trove's total fundraising amount exceeding $15M, $20M, $25M, and $30M surged from nearly zero to 40% - 80%.

On January 17, on-chain detective ZachXBT tweeted that Trove directly transferred $45,000 from its angel round financing to the prediction market on January 11. Trove team member unwise replied that it was an operation associated with TJR (a well-known English crypto KOL).

Image source: ZachXBT and unwise tweets (translated)

Additionally, according to crypto KOL hrithik, multiple messages from the Trove team promised additional rewards for bidding and posting about their ICO.

Image source: hrithik tweet (translated)

Community feedback on the ICO changes and Polymarket activities included criticism that the extension decision increased uncertainty and damaged trust.

Image source: xero tweet (translated)

Regarding Polymarket, users accused manipulation and non-disclosure, turning what was initially a promising ICO into refund requests, with some calling it insider trading, leading sentiment to shift from excitement to caution.

Image source: Maran tweet (translated)

Violation of ICO Public Information, Temporary Migration to Solana

Previously, Trove had repeatedly stated on its official Twitter that it had purchased HYPE tokens, would build its digital collectibles contract platform based on HIP-3, and had launched a test website.

Image source: TROVE tweet (translated)

During the ICO, no changes were made to the relevant information.

Trove related information | Image source: Trove ICO page (translated)

The community expressed strong opposition to the migration to Solana, believing that the shift deviated from the initial Hyperliquid commitment, with some participants demanding full refunds and stating that it no longer aligned with investment logic.

Image source: unwise (left) and Trove official Twitter reply (right), translated

Image source: Wazz tweet (translated)

As of now, Trove has not responded to the related refund requests and stated that it will conduct the TGE on January 20 at 00:00, followed by ICO token distribution and refund for oversubscription.

Image source: Trove official Twitter (translated)

Boundaries of ICO Commitments and Investor Protection

The changes in the actual execution of the Trove project have deviated from the core path, technical dependencies, and liquidity commitments publicly disclosed during the ICO, representing significant substantive changes rather than mere technical optimizations or iterations.

Image source: Trove ICO page (translated)

This behavior of initially enticing and then switching has altered the essence of the investment target, and the initial investment logic should have become invalid. Investors seeking refunds to protect their rights should receive broad support.

The crypto investment environment is highly speculative and uncertain, and participants must carefully review project white papers, on-chain fund flows, team track records, etc., before making decisions, and particularly assess the project team's communication transparency, timeliness, and compensation mechanisms regarding any significant changes.

For project teams that do not disclose information, have a high degree of anonymity, or have delayed communication after changes, investors should exercise extra caution.

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