Trove faces class action calls amid rug pull allegations

Investors are calling for a class action lawsuit against Trove Markets after the project’s token collapsed by over 10% in under 15 minutes, following an abrupt pivot from Hyperliquid to Solana.

Allegations of Rug Pull & Mismanagement

Just one week after raising over $11 million from the Hyperliquid community, Trove developers abandoned HyperEVM. Netizens claim the migration was a tactical move to create exit liquidity and bypass Hyperliquid investors who suspected a "rug pull."

Evidence of Market Collapse

Volume Plunge: Fully diluted volume dropped from $20 million to $1 million upon Solana launch.
Token Dumping: Blockchain data (Hyperscan) showed devs dumping 500,000 HYPE tokens ahead of the move.
Misused Funds: ZachXBT flagged $45K from the Angel Round deposited directly into a casino address.
Paid Promotion: Allegations of undisclosed influencer payments ($5,000-$8,000/month) to build false credibility.

Influencer Defense & Community Reaction

Some influencers, such as Meteversejoji, claim they were also blindsided, stating their teams invested in October and were not informed of the Solana shift. However, community members have rejected these defenses, citing a lack of due diligence and failure to disclose promotional partnerships.

“Want to explain why your team bridged $45K from the raise and deposited it directly into a casino address?” — ZachXBT, Blockchain Investigator.