Foresight News reports that blockchain analysis platform Bubblemaps monitored that Trove Markets’ project team quietly refunded KOLs despite pre-sale participants losing their entire investment. Trove raised $11.5 million through an ICO to build the project on the Hyperliquid platform, but things did not go as planned. Before the project launch, external liquidity providers sold off $20 million worth of HYPE tokens; subsequently, the team shifted to the Solana platform, and the TROVE token plummeted 99% at launch, causing heavy losses for ICO participants.
Bubblemaps, by monitoring wallets associated with TROVE deployers, found that one day after the token crash, $100,000 worth of USDC and $350,000 worth of USDT were transferred to newly funded wallets. The organization stated that it has on-chain evidence and leaked chat records proving that the project team engaged in improper behavior, treating investors differently.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Onchain evidence was key to convicting 3 terrorism financiers: TRM Labs
Onchain evidence has become pivotal in securing convictions for terrorism financing in Indonesia, reflecting a shift in legal perspectives on cryptocurrency. Authorities successfully traced significant funds linked to ISIS-related activities, indicating enhanced blockchain analysis capabilities across Southeast Asia.
Cointelegraph22m ago
New evidence in Libra probe renews questions about Milei involvement
Newly uncovered call logs suggest Argentine President Javier Milei spoke with one of the entrepreneurs behind the Libra token multiple times on the night he promoted the cryptocurrency, raising questions about Milei’s assertion that he had no connection with the project.
According to logs
Cointelegraph45m ago
SANAE TOKEN Hit by Heavy Japanese Regulatory Crackdown; Secretary’s Recorded Call Raises Doubts Prime Minister Knew
The Japanese meme coin SANAE TOKEN scandal has continued to ferment in April. It was revealed that Prime Minister Takai Sanae’s secretary previously expressed support for the token, contradicting Takai Sanae’s denial. After the token’s initial listing, the price surged, and then fell 58% following her denial. Currently, Japan’s Financial Services Agency is investigating the incident and has proposed new crypto regulatory legislation to strengthen oversight of unregistered providers.
MarketWhisper1h ago
Investigation Report: Timor-Leste’s “crypto resort” project appears to be linked to the sanctioned fraud group Prince Group, but the construction site is empty
The Guardian and the Organized Crime and Corruption Reporting Project (OCCRP) released the results of their four-month joint investigation, revealing that in Timor-Leste, one of the world’s poorest countries, a development project billed as the “world’s first cryptocurrency resort” appears to be linked to a scam network operated by Cambodia’s Prince Group, which is subject to U.S. sanctions. This February, the investigative reporters went to the construction site near Dili airport for on-site interviews, only to find an empty lot overgrown with weeds.
A gap between promotion and reality: the luxury crypto resort is now just an empty lot
AB Digital Technology Resort’s promotional materials tout luxury villas, ocean views, and a “global technology elite exchange hub,” and claim that it will use part of its proceeds for charity. However, when the reporter went to the coastal construction site shown in the promotional photos, they found that there was nothing at all on the fenced-off land—only scattered shrubs.
This project is under investigation’s review
ChainNewsAbmedia1h ago
Gate Daily Report (April 7): SEC submits crypto “safe harbor” proposal to the White House; Argentina president and LIBRA call records exposed
Bitcoin gives back its gains on April 7, trading at $68,800. A U.S. SEC “safe harbor” proposal for crypto has been submitted for review by the White House. Argentina’s President Milei has been accused of having multiple calls with LIBRA’s founder, sparking a scandal. Bitcoin’s market volatility is high; it’s advised to control leverage to prevent large-scale liquidations.
MarketWhisper3h ago
Indonesia convicts cryptocurrency terrorism financing case using blockchain evidence; three people found guilty
Gate News message, April 7, Indonesian authorities recently convicted three defendants on terrorism financing charges involving cryptocurrency, becoming one of the first terror-financing conviction cases in Southeast Asia supported primarily by on-chain blockchain evidence. One of the defendants transferred more than 49,000 USDT to an overseas exchange through 15 transactions, and the flow of funds is linked to networks associated with ISIS. None of the three defendants directly participated in a terrorist attack; their role was characterized as the “financial logistics layer” of a terrorist organization.
GateNews4h ago
