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Trove raised $11.5M last week for a Hyperliquid perp DEX.
The product required 500K HYPE (~$12.9M) for HIP-3. That was the whole thesis.
What happened since:
> LP got nervous, wanted out
> Team started TWAP selling the HYPE position
> ~194K HYPE sold in 24 hours
> They announced a pivot to Solana
> $45K from the Angel Round was bridged directly to a casino address (ZachXBT flagged this)
> Team claimed they lost wallet access, wallet kept selling anyway
ICO participants paid for a Hyperliquid product. They're now getting a Solana rebuild with no timeline, no HYPE alignment, and serious questions about where the money went.
Anonymous team. Paid affiliates. Casino deposits. Bait and switch.
I don't usually call things scams. But when the product thesis gets sold off and funds end up at a casino, there's nothing left to defend.
Notice how fast everyone took their badges off. That tells you everything.
Just posting what i see 👀