Trove Markets token drops over 95% after launch, sparking controversy

After completing the token generation event, Trove Markets' token TROVE plummeted by over 95% within minutes of Solana's launch, completely diluting its valuation from around $20 million at the time of public offering to less than $1 million. The liquidity pool quickly dried up, leading to increased losses for early buyers. Previously, the project temporarily transferred the deployment chain from Hyperliquid to Solana after raising $11.5 million, causing dissatisfaction in the community. The project party stated that they will retain approximately $9.4 million in raised funds and only provide partial refunds, which angered participants who demanded a full refund. Social media accuses the project team of misappropriating funds and transferring funds through a coin mixer, while on chain investigator ZachXBT questions a $45000 SOL transaction related to casino deposits. Trove denies the accusation of "exit scam" and states that the funds are still in place and will continue to be built.