Trove Markets' token plummeted by over 95% within minutes of its launch, further exacerbating its negative impact According to The Block, Trove Markets has been embroiled in deeper controversy after completing its token generation event, with its token TROVE plummeting over 95% within minutes of its launch on Solana. The fully diluted valuation of the token quickly fell from the implied $20 million at the time of public offering to less than $1 million, and the liquidity pool quickly dried up after launch, exacerbating losses for early buyers. Previously, after raising $11.5 million, the project suddenly switched its deployment chain from Hyperliquid to Solana at the last minute, causing community dissatisfaction. The Trove team stated that they will retain approximately $9.4 million in raised funds and only provide partial refunds, further angering participants who are demanding full refunds. There have been numerous accusations on social media, claiming that the project party misappropriated funds, transferred funds through coin mixers, and conducted undisclosed influencer promotions. Chain investigator ZachXBT publicly questioned a $45000 SOL transaction related to casino deposits that was transferred from a Trove Angel Wheel address. The Trove team denies the accusation of "exiting the scam", stating that user funds are still available and emphasizing that they will continue to build. The project was previously incubated by Paradigm and raised $35 million at a valuation of $400 million in 2021.