🚨 Yet another rugpull project is "RUMORED" to be from Vietnam🇻🇳? Recently, @TroveMarkets – a project in the perp DEX sector – unexpectedly became the center of major controversy in the crypto community after a chain of incidents related to its ICO, product direction, and Token launch process. Despite the project itself facing significant criticism, another rumor is spreading just as quickly: Trove Markets is rumored to be a project originating from Vietnam. So how exactly did this story unfold? 🧵👇

1️⃣ Sequence of events @TroveMarkets launched its ICO in early January 2026 with a goal of Capital approximately $2.5 million, but the actual amount raised exceeded $11.5 million, meaning it oversubscribed many times more than initially planned. The problem started when the team: 🔻 They announced an extension of the ICO, then less than an hour later retracted the announcement and closed the sale, causing significant volatility in related markets and directly harming some participants. 🔻 Shortly after, the project abruptly pivoted from Hyperliquid to Solana, citing the liquidation , rendering the initial deployment plan unfeasible. 🔻 Next came the suspected sale of HYPE worth tens of millions of USD, causing HYPE's price to plummet and triggering a major wave of FUD ( fear, doubt, and uncertainty) within the community. 🔻 When TGE occurred, the TROVE Token dropped by approximately 95% in a very short period, with FDV falling from around $20 million to just under $1 million. This chain of events caused community sentiment to shift almost entirely to negative, with many viewing Trove Markets as a case of poor governance, and even suspecting signs of rugpull.

2️⃣ Why is it rumored to be from Vietnam? Amidst the spreading drama, rumors began circulating on X that @TroveMarkets is a project from Vietnam, primarily based on two points: 🔻 The project's official X account previously displayed the location "East Asia," leading many to speculate that the team is from Southeast Asia. 🔻 Another piece of information showed that the insider trading ranking on @Polymarket had two top accounts with Vietnamese names, which were later changed to avoid attention. 👉 Based on these two factors, some people quickly labeled Trove Markets as a "Vietnamese project," even though there was no further concrete evidence.

3️⃣ Is it really from Vietnam? To date, there is no convincing evidence to suggest that Trove Markets is a project originating from Vietnam. Conversely, publicly available data and information show that: 🔻 Trove Markets' website traffic mainly comes from South Korea, Hong Kong, and parts of North America, not Vietnam. 🔻 The accounts allegedly associated with the project team show activity in North America, which does not match the "Vietnamese team" hypothesis. Notably, on-chain detective @zachxbt also Chia an image of someone who introduced themselves as the founder of Trove Markets at the Token2049 event (October 2025) - a foreigner.