On-chain analysis platform Bubblemaps has pointed out that decentralized real-world asset (RWA) marketplace Trove refunded presale investments to some influencers (KOLs) while causing significant losses for general investors. The price of its TROVE token has since fallen by more than 95%. Trove raised $11.5 million in an ICO in January and subsequently announced it would use the funds to transition to the Solana (SOL) ecosystem. This abrupt change led some investors to demand refunds. Some in the community have also alleged that Trove paid promotional fees to certain KOLs and that funds were misdirected. The project has faced previous controversy for arbitrarily changing its token sale rules.
Analyst: Trove refunded only influencers while token crashed 95%
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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