Trove Markets controversy erupts after allegations of selective KOL refunds following a 99% $TROVE crash raising concerns over transparency.
Author: Kritika Gupta
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13th February 2026- The Trove Markets KOL controversy has reignited debate around fairness and transparency in crypto fundraising. Trove Markets is facing renewed backlash after allegations emerged that the team selectively refunded key opinion leaders while ordinary presale participants suffered near total losses. The issue gained traction after blockchain analytics firm Bubblemaps published on-chain evidence pointing to stablecoin transfers linked to influencers shortly after the project’s token collapsed.
According to Bubblemaps, wallets connected to Trove Markets sent approximately $450,000 in USDC and USDT to newly created addresses one day after the $TROVE token fell by about 99 percent following its token generation event. At the same time, leaked Telegram messages suggested the team prioritized compensating vocal promoters to reduce public criticism.
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MATALLUZ💣🌑
@CryptoMATALLUZ
Trove Markets just proved once again who crypto is really for Pre-sale investors wiped out, KOLs quietly got refunds $TROVE crashes 99% on launch. $20M $HYPE dumped by LPs. The team shifts to Solana while retail bleeds Chain on-chain shows $100k USDC + $350k USDT funneled to https://t.co/HfYlFIevse
03:19 PM·Feb 12, 2026
Trove Markets launched its ICO in January 2026 and raised $11.5 million, far exceeding its original $2.5 million target. The project initially promoted itself as a decentralized perpetual exchange planned to operate on Hyperliquid. However, shortly before launch, the team abruptly announced a pivot to Solana, citing problems with a liquidity partner.
This last-minute change coincided with heavy selling pressure before launch. External liquidity providers allegedly dumped around $20 million worth of HYPE tokens, while accusations of insider selling circulated widely. Consequently, $TROVE collapsed by roughly 99 percent immediately after launch.
Yes. Preferential treatment for influencers and insiders has appeared repeatedly in crypto markets. In past failures, including the 2024 ZKasino collapse, promoters allegedly received undisclosed protections while retail investors absorbed losses. Similar dynamics appeared during earlier ICO-era scams and SafeMoon-style projects.
Historically, comparable events triggered sharp reactions. Token prices continued to fall as trust deteriorated. Social media platforms filled with exposés, on-chain analysis, and calls for audits or lawsuits. Although crypto markets often move on quickly, reputational damage tends to persist, as seen again in the Trove Markets KOL controversy.
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Bubblemaps traced several transfers from wallets linked to the $TROVE deployer. These wallets sent $100,000 in USDC and $350,000 in USDT to fresh addresses shortly after the crash. Further tracing identified one wallet that distributed more than $250,000 in stablecoins across multiple influencer-linked accounts.
Crucially, these transfers aligned with screenshots from leaked Telegram conversations between Trove’s founder and a prominent KOL. In those messages, the influencer demanded compensation after losses, and the founder reportedly agreed. The matching figures strengthened claims central to the Trove Markets KOL controversy.
Following these disclosures, backlash intensified across social media. Many users accused Trove Markets of running a two-tier system that protected promoters while retail investors absorbed the damage. Others called for legal action, full refunds, or stricter disclosure rules for influencer promotions.
As of now, Trove Markets has issued no official response. Meanwhile, Bubblemaps continues to monitor related wallets. For investors, the episode reinforces a familiar warning: always verify on-chain flows, question influencer incentives, and approach hype-driven presales with caution.
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