TROVE issuance sparks controversy: On-chain data shows some KOLs have received refunds, and the project's response raises questions

CycleProphet · 2026-03-02T04:16:28+00:00

The issuance of the TROVE project has sparked controversy, with analysts stating that multiple KOLs involved in promotion received refunds totaling approximately 171,000 USDC. The developers promised to resolve the issue, but external skepticism remains regarding control of ICO funds. The incident may involve fraudulent fundraising, and a complete fund audit report has not yet been released.

CycleProphet

2026-03-02 04:16:28

Abstract generation in progress

Deep Tide TechFlow News, March 2nd, according to previous disclosures, on-chain analyst Eye, who revealed the “1011 Insider Whale” on the X platform, stated that the controversy surrounding the “catastrophic” issuance of the TROVE project continues to ferment. Multiple on-chain data indicate that after the token launch, project-related addresses refunded some KOLs (Key Opinion Leaders) and have received refunds, sparking community doubts about the flow of funds and fundraising structure. According to disclosed information, within days of TROVE’s launch, several participating KOLs privately requested repayment, and some addresses confirmed receipt of refunds. Based on public addresses and on-chain data, approximately 171,000 USDC have been confirmed refunded to some KOLs. Further on-chain analysis suggests the total refund amount to the KOL group may be around 3 million USD.

Trove Markets developer Unwise previously stated, “We will not run away and will resolve the current issues,” but external doubts about their control over ICO funds remain inconsistent. This incident may involve creating a false impression of high fundraising through LP loans to boost market enthusiasm, which then led to disputes over fund payouts amid a rapid decline in token prices. Currently, related accusations are still based on on-chain data and multiple leaks, and the project team has not yet released a full fund audit report.

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.