The public token sale for decentralized perpetuals exchange Trove Markets has come under scrutiny after last-minute contract changes and mixed communications triggered confusion across both investors and prediction market traders. The sale ultimately raised over $11.5 million, but the final moments sparked allegations of poor governance and market disruption.
As the token sale approached its scheduled conclusion, onchain observers noticed a sudden update to the sale contract, extending the deposit deadline to January 20. This change appeared to allow new capital to enter the sale after many participants believed fundraising had ended.
At the same time, unusual activity emerged in a prediction market tied to Trove’s total fundraising amount, where large buy orders reportedly entered the market near the close. The timing led to claims that conflicting signals around the sale’s end influenced market behavior, leaving some traders exposed to sharp reversals.
Trove Markets published a follow-up message on X;
Shortly afterward, Trove Markets publicly announced a brief five-day extension, citing concerns over fair token distribution. Minutes later, the team reversed course, stating that no extension would take place and that the sale had officially concluded. This rapid shift reportedly caused significant losses for certain prediction market participants, including one case where a small expected gain turned into tens of thousands of dollars in losses.
Trove Markets later admitted that announcing an extension mid-sale was a mistake and confirmed that fundraising closed above $11.5 million. The team said it will conduct an independent review of wallet activity to address concerns and restore confidence as it moves toward product launch.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.