Analyst firm: "Trov refunded presale funds to some influencers... token price plummeted 95%."

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While Trove, a decentralized real asset (RWA) marketplace, refunded some influencers (KOLs) who participated in its presale, it ultimately resulted in significant losses for retail investors, according to on-chain analytics platform Bubble Maps. Trove raised $11.5 million through an ICO in January, predicated on Hyperliquid integration, but later announced that the funds would be used to transition to the Solana (SOL) ecosystem. The abrupt change prompted some investors to demand refunds, and the price of TROVE plummeted by over 95%. Some in the community also pointed out that Trove paid promotional fees to some KOLs, leading to issues such as misdirected funds. Trove has previously been embroiled in controversy, including for arbitrarily changing token sale rules.

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