The opening price is expected to drop by 75%, perhaps the first project to be rug pulled this year.
Trove once had a perfect narrative.
As a Perp DEX focused on collectibles and RWAs, Trove claimed to be able to transform illiquid "cultural assets," such as Pokémon cards, CSGO skins, and luxury watches, into tradable financial assets, providing collectors with a hedging venue.
However, in just ten days, the Trove team staged a farce through a series of jaw-dropping maneuvers. Along the way, they also emptied the pockets of onlookers.
Bait
In late October last year, Trove founder @unwisecap extolled the virtues of "Perp All Things" in several articles and announced that Trove would be built on HIP-3, teasing the community.
Over the following month, Trove successively announced partnerships with Kalshi and CARDS (Collector_Crypt), receiving official endorsement replies from both well-known projects (P.S. As of the time of writing, Kalshi has already completed a "severance" and deleted the reply under Trove's official tweet)

In mid-December, Trove announced a $20+ million acquisition of 500,000 HYPE tokens to meet HIP-3 integration requirements. This was followed by the launch of a testnet incentive plan, with platform trading volume surpassing $1 million within two weeks, everything was progressing as expected. Until...

Insider Trading Playbook
On January 6, Trove suddenly announced a $20 million FDV ICO, with the public sale adopting an "oversubscribed" model, offering priority allocation to token holders. Alongside a group of KOLs wearing the Trove badge engaging in concentrated promotion, Trove successfully raised $11.5 million, 4.6 times oversubscribed.

With less than two hours left until the ICO deadline, the Polymarket market on "Trove ICO Total Raise> $20M" had almost zero probability.
The climax then began. The team suddenly broke the rules, announcing a 5-day extension of the ICO to ensure fair distribution. The "YES" option on Polymarket instantly skyrocketed from the bottom to nearly 60%. Insider funds clearly acted swiftly; on-chain data showed that specific wallets precociously placed bets before the announcement and swiftly exited after the price surge.

Perhaps thinking that the liquidity of the prediction market was not enough to satisfy their appetite, amid community skepticism, the Trove team, in a surprising turn of events, staged a drama akin to "The Empty City Strategy": announcing a withdrawal of the extension decision and ending the ICO as originally planned.
Along with this announcement, the corresponding market immediately went to zero and settled. Polymarket data shows that some related wallets placed accurate bets before the news was made public and continued to profit in the subsequent reversal.

The Great Retreat
On January 17, Trove suddenly announced abandoning Hyperliquid and instead issuing tokens on Solana. For a project that had been fundraising under the banner of the Hyperliquid ecosystem, this was nothing short of a bolt from the blue.
At the same time, on-chain sleuths detected Trove's team utilizing a timed sell-off function, attempting to sell off half of their HYPE token holdings in 40 minutes.
Choosing to sell millions of dollars worth of tokens in 40 minutes during the weekend with the lowest liquidity, the Trove team was undeniably in a hurry.

Faced with questioning, the Trove team's explanation seemed feeble: "Investors were feeling nervous and decided to exit." However, on-chain transaction records show that these sell-off actions were carried out while the team was publicly denying "we are selling coins."
This stark inconsistency between words and actions completely shattered the community's trust threshold. As trust crumbled, more dark secrets were revealed.
Well-known on-chain detective ZachXBT revealed that the Trove team paid a marketing fee of up to $45,000 to @TJRTrades, directly deposited into this KOL's gambling website recharge address.

KOL @hrithikk stated that the Trove team not only provided generous marketing fees to KOLs but also privately offered ICO allocations with valuations as low as $8.5 million, at a discount of up to 60%, along with substantial airdrop rewards. Currently, Trove is still selling shares at a low price and has approached him over 5 times asking if he would invest in Trove.

Trove will conduct the TGE at 1:00 AM on January 20 Beijing time. Polymarket's market data shows that, based on the presale valuation, there is a 90% probability that the TROVE token will break the peg.

The good news is that this farce may not end with a simple "Soft Rug." Trove had previously claimed on its website to comply with the EU's MiCA regulation. Now, faced with false advertising and potential fraud allegations, outraged investors would be entirely justified in pursuing civil litigation under MiCA provisions.
The bad news is that chat screenshots disclosed by a KOL show that team members appear to be from Iran.
The Hyperliquid ecosystem is known for its strong community cohesion, but the atmosphere of trust has also provided fertile ground for scammers.
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BeatSwap is evolving towards a full-stack Web3 infrastructure, covering the entire lifecycle of IP rights.
BeatSwap, a global Web3 Intellectual Property (IP) infrastructure project, is attempting to overcome the current fragmentation limitations of the Web3 ecosystem, building a full-stack system that covers the entire lifecycle of IP rights.
Currently, most Web3 projects are still in the stage of functional fragmentation, often focusing only on a single aspect, such as IP asset tokenization, transaction functionality, or a simple incentive model. This structural dispersion has become a key bottleneck hindering the industry's scale application.
BeatSwap's approach is more integrated, integrating multiple core modules into the same system, including:
· IP authentication and on-chain registration
· Authorization-based revenue sharing mechanism
· User-engagement-driven incentive system
· Transaction and liquidity infrastructure
Through the above integration, the platform builds an end-to-end closed-loop path, allowing IP rights to complete a full cycle of "creation, use, and monetization" within the same ecosystem.
BeatSwap is not limited to existing crypto users but is attempting to take the global music industry as a starting point, actively creating new market demand. Its core strategies include:
Exploring and incubating music creators (Artist discovery)
Building a fan community
Igniting IP-centric content consumption demand
The current global music industry is valued at around $260 billion, with over 2 billion digital music users. This means that the potential market corresponding to the tokenization and financialization of IP far exceeds the traditional crypto user base.
In this context, BeatSwap positions itself at the intersection of "real-world content demand" and "on-chain infrastructure," attempting to bridge the structural gap between content production and financial flow.
BeatSwap's upcoming core product "Space" is scheduled to launch in the second quarter of 2026. This product is defined as the SocialFi layer in the ecosystem, aiming to directly connect creators with users and achieve deep integration with other platform modules.
Key designs include:
A fan-centric interactive mechanism
Exposure and distribution logic based on $BTX staking
User paths connected to DeFi and liquidity structures
Thus, a complete user behavior loop is formed within the platform: Discovery → Participation → Consumption → Rewards → Trading
$BTX is designed to be a core utility asset within the ecosystem, rather than just a simple incentive token, with its value directly tied to platform activity and IP use cases.
Main features include:
· Yield distribution based on on-chain authorized actions
· Value reflection based on IP usage and user engagement dynamics
· Support for staking and DeFi participation mechanisms
· Value growth driven by ecosystem expansion
With the increased frequency of IP use, the utility and value support of $BTX will enhance simultaneously, helping alleviate the "disconnect between value and utility" issue present in traditional Web3 token models to some extent.
Currently, $BTX has been listed on several mainstream exchanges, including:
Binance Alpha
Gate
MEXC
OKX Boost
As the launch of "Space" approaches, BeatSwap is actively pursuing more exchange listings to further enhance liquidity and global accessibility, laying a foundation for future market expansion.
BeatSwap's goal is no longer limited to the traditional Web3 narrative but aims to target over 2 billion digital music users and a trillion KRW-scale content market.
By integrating content creators, users, capital, and liquidity into a blockchain framework centered around IP rights, BeatSwap is striving to build a next-generation infrastructure focused on "IP tokenization."
BeatSwap integrates IP authentication, authorization distribution, incentive mechanism, transaction system, and market construction to establish a unified structure that bridges the full lifecycle path of IP rights.
With the launch of the Q2 2026 "Space," the project is expected to become a key infrastructure connecting content and finance in the IP-RWA (Real World Assets) track.

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