This investigation was conducted by crypto analytics platform Bubble Maps. The findings claim that while Trove’s anonymous development team claimed to have distributed the refunds transparently, on-chain data points toward the opposite.
$450,000 in stablecoins traced to new wallets after the crash
An analysis of the Bubble Maps’ data revealed that less than 24 hours after the Trove crash on January 19, 2026, $450,000 in stablecoin was transferred to wallets linked to the project’s deployer.
These wallets had no prior transaction history, and the transactions ($100,000 in USDC and $350,000 in USDT) were linked to leaked Telegram conversations in which Trove’s founder discussed compensating a popular influencer who demanded a refund.
Bubble Maps discovered these transactions by using visual bubble map technology to identify connections between seemingly unrelated blockchain addresses. It analyzes transaction patterns, timing, and wallet relationships, which helps the firm to determine when multiple addresses are controlled by the same person.
In Trove’s case, the on-chain evidence showed clear links between the deployer wallet that managed the project funds and the destination addresses that received the stablecoin transfers after the crash.
Influencers getting refunds while investors got 3% recovery
In the leaked Telegram conversations released by Bubble Maps, Trove’s founder can be seen trying to handle an opinion leader who demanded a refund after the crash and ensuring that the influencer received compensation.
Alleged leaked conversation between Trove’s founder and crypto KOLs. Source: Bubble Maps
Another documented case involves another influencer Joji, who described his experience with Trove.
According to his story, his team invested in the project back in October 2025, and when he requested a refund days before the launch in January (after learning about the switch from HyperLiquid to Solana), he was told he would be “made whole at the token generation event,” even though the team had already spent much of the raised capital.
This story is a stark contrast to other accounts from many investors. One investor said that his $20,000 investment should have resulted in $14,000 USDC back and $6,000 worth of TROVE tokens based on the established distribution plan. However, because of the crash, the investor received only $600, a recovery rate of exactly 3% on their capital.
Screenshots circulating on social media also reveal more evidence of preferential treatment. Some influencers were allegedly offered monthly payments to place the TROVE logo in their usernames, plus the privilege of buying tokens at discounted prices compared to the prices marketed publicly.
This disparity uncovers a two-tier refund system. Influencers with leverage and inside information received larger compensations, while ordinary investors were left to count their losses with near-worthless tokens.
$9.4 million now left in developer hands
The Trove token launched on Solana in January 2026 after a last-minute change from the originally intended blockchain. When trading started, the token was valued at an expected $20 million, but then crashed to around $330,000 in minutes, leaving investors desolate.
Analysts noted that catastrophic liquidity was the main catalyst for the crash. At the time of the launch, the token had only $50,000 in liquidity backing the $20 million valuation.
With how volatile the crypto market is, the slightest selling pressure can trigger the most extreme price movements. This is exactly what happened as early holders rushed to exit the market, overwhelming the pool and sending the valuation below $1 million in minutes.
Trove had initially raised $11.5 million from investors. The developers announced that they had refunded around $2.4 million to investors, but would keep the remaining $9.4 million to continue building their exchange on Solana.
