2026-01-20 01:26:09

Perp DEX project Trove's token trading performance has been remarkable—opening at a $20 million FDV and then dropping to $950,000. This rollercoaster market directly pushed ICO investors into the abyss.

Here's what happened: After raising $11.5 million through ICO last week, the team announced they would keep $9.4 million to continue building Perp DEX on Solana. Once this decision was made, the community exploded. ICO participants suffered heavy losses and accused the team of Rug Pull. Mike Dudas, founder of The Block, didn't hold back, saying, "Trove raised funds with false promises and dares to withhold $9.4 million. Any service providers, consultants, or KOLs involved in this should be exposed."

The trouble doesn't stop there. The community revealed that the project paid KOLs for promotion, but the money went to entertainment platforms; the ICO fundraising deadline was changed multiple times; they suddenly abandoned a certain L2 platform route and started over on Solana. Meanwhile, they are also selling tokens. The official explanation is that LPs decided to close positions due to "negative public opinion," selling 500,000 tokens, but this clearly didn't quell public outrage.

SOL0.29%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

15 Likes

Reward
15
7
Repost
Share

Comment

0/400

MEVHunterLucky

· 2h ago

20 million to 950,000, now that's Solana speed haha It's fundraising, deducting funds, changing routes again—Trove's operations are a bit familiar... KOL taking money to do things and getting exposed, there's really no way to spin this one I've long said that Perp DEX attracts a lot of retail investors, and it seems someone is indeed harvesting... 9.4 million not issued, selling tokens first—wow, this logic is incredible Mike Dudas spoke quite straightforwardly this time, but who will really hold them accountable?

View OriginalReply0

GateUser-40edb63b

· 2h ago

The textbook case of a rug pull, dropping from 20 million to 950,000, how desperate is that? Luckily, I didn't impulsively buy the dip.

View OriginalReply0

MevHunter

· 2h ago

$9.4 million left to continue building, investors suffered huge losses—this tactic is truly brilliant --- KOLs take money to promote, but the funds go into entertainment platforms? Is this greed or a real rug pull? --- FDV dropped from $20 million to $950,000—how badly did they suffer? How can ICO investors withstand this? --- LPs closed positions with $500,000 citing negative public opinion—listen to this explanation... turns out it’s the community’s fault --- The roadmap kept changing, starting over with Solana—feels more like gambling than building a project --- Mike Dudas is furious, indicating this situation is truly rotten—advisors and KOLs are all to blame --- So the tokens are still being sold off, it seems the team doesn’t really take this seriously --- The fundraising deadline was changed again and again—aren’t they just forcing it? --- This is a classic case of an ICO turning into a big cash machine, investors become the victims --- Falling from $20 million to $950,000—I wonder how those KOLs still have the nerve to keep hyping this project

View OriginalReply0

ApeDegen

· 2h ago

The opening price dropped from 20 million to 950,000? How outrageous is that, a straight 100x cut... --- Same old story, negative opinions lead to liquidation? Easy for you to say, investors are losing heavily, what about you? --- Oh my, raising 11.5 million in ICO and still wanting to steal 9.4 million, what were you thinking? --- Always the same, KOLs get paid to hype, retail investors buy in and cry, when will they change the routine? --- Is Solana having issues again? This chain has really become a Rug race. --- Mike Dudas is right this time, Rug is Rug, stop sugarcoating it. --- Wait, the fundraising date is being changed again? Isn't this just another way to scam? --- Holding onto 9.4 million to continue development? That sounds so absurd, as if it’s not even happening. --- I just want to know how those KOLs who promoted it are doing now, still hyping it? --- What about Perp DEX? Falling like this makes it a joke.

View OriginalReply0

LightningPacketLoss

· 2h ago

20 million to 950,000? This is a huge cake. Still daring to stash 9.4 million in their pocket, truly incredible. Where did this KOL spend the money, who will investigate? Rug activities are becoming more and more blatant. It was about time to blacklist these people.

View OriginalReply0

CryptoMom

· 2h ago

Rugged, just ruged, and still trying to make up stories to cover the lie? This is a joke. --- From 20 million down to 950,000, how outrageous is that... Solana is again taking the blame. --- KOLs are paid to promote this thing, now the community is turning against them. Should they wash their hands of it? --- 9.4 million and still want to continue development? Brothers, your pockets are empty, and you still want to play? --- It's always the same routine: fundraising → run away → make excuses. How can anyone still believe? --- Can a 500,000 liquidation calm things down? Wake up, everyone, this is obviously fooling us. --- Changing dates, switching tracks, dumping tokens—who dares to try these three moves?

View OriginalReply0

ImpermanentPhilosopher

· 2h ago

20 million down to 950,000? That's just ridiculous haha Another classic rug pull script, ICO bagholders are going to be left holding the bag again Holding onto 9.4 million like that, does the team even have the nerve to say they will continue development? That's funny KOLs getting paid to promote entertainment platforms, I told you how deep this circle is Another one on Solana, I wouldn't believe it even if I were you

View OriginalReply0