Trove Faces Backlash for Post-ICO Hyperliquid Exit to Solana

• Trove raised $11.5 million in an ICO while promoting a Hyperliquid-based launch roadmap.
• The project later announced it would abandon Hyperliquid and rebuild its DEX on Solana.
• Community members raised concerns over fund usage and on-chain activity after the shift.

Trove Markets, a crypto trading project that raised $11.5 million in an initial coin offering (ICO) last week, is facing heavy criticism after changing its launch plans shortly after the fundraiser.

The project had earlier told participants it would launch its $TROVE token and perpetuals exchange on Hyperliquid. Instead, Trove now says it will build and launch on Solana, reversing its earlier messaging.

What Trove Announced

In a statement, Trove said the change was triggered by a liquidity partner backing its Hyperliquid deployment. According to the team, that partner chose to unwind a 500,000 $HYPE position, which Trove described as an independent decision that changed the project’s constraints.

Because of this, Trove said it would no longer build on Hyperliquid infrastructure and would instead rebuild its perpetuals exchange from scratch on Solana. The project said the new version would still cover areas such as real-world assets and prediction markets.

The reaction was quick and angry. Many participants said Trove had marketed itself as closely aligned with Hyperliquid and compatible with its HIP-3 framework. That narrative was an important reason some users said they joined the ICO.

“Trove is one of the biggest ICO scams i’ve seen, shame on everyone doing paid shills for this,” one user wrote.

Before the raise, Trove had published a detailed roadmap showing plans to stake 500,000 $HYPE, enable HIP-3 markets, and launch mainnet trading on Hyperliquid in early February. Those plans are now abandoned.

Critics also questioned how funds were used and why the Hyperliquid-related assets were sold so quickly after the raise. Several users accused the project of changing its story only after collecting investor funds.

“The project should refund everyone after changing so much post-closing ICO,” another user wrote on X. 

On-Chain Questions Add Pressure

Blockchain investigator ZachXBT publicly questioned Trove about on-chain activity linked to the project. He asked why funds from the Trove angel round were bridged and sent to a casino deposit address, adding to concerns about transparency.

On-chain data reviewed by community members also showed that holdings tied to Hyperliquid were converted into stablecoins, fueling claims of a bait-and-switch.

Refunds and Unclear Communication

Trove has said refunds will be available for some participants, but users say details are limited and confirmations are still missing. The lack of clear, timely updates has added to frustration, with many calling for full refunds and clearer accountability.

Trove says it will continue development on Solana, but trust has become a central issue. For many in the community, the sudden shift away from Hyperliquid, combined with fund movements and limited explanations, has overshadowed the product itself.

The situation shows a broader risk in crypto fundraises: when roadmaps change after money is raised, confidence can disappear quickly from supporters.

Related: Anchorage Digital Targets $200M–$400M Fundraising Ahead of IPO