How to 'mine' 11 million USD in the crypto market

Read to the end to see the classic details.

1. Project Overview

The project is called Trove Market, with a model that sounds quite attractive:

- Building PerpDEX for illiquid assets

- Trading assets include:

• Pokémon cards

• Skin CS2

• Watches

• RWAs

- Leverage from 5–10x

- Targeting a niche market, high FOMO level, easy to tell the 'million-dollar idea' story

- Initially deployed on Hyperliquid

- Anonymous team from the start

2. Testnet phase (end of 2025)

- Beta testnet launch

- Announcement:

• $1B volume testnet (the figure often suspected to be inflated / fake)

• 24,000 users

At this point, the project still looks quite 'stable' on the surface.

3. ICO – January 8, 2026

- ICO sale starts

- Disclosure parameters:

• Raise target: $2.5M

• FDV: $20M

- Actual results:

• Raised $11.5M

• Exceeding the target by 460%

On the surface, it seems 'delicious as a peach'.

4. Incident in the last minutes of the ICO (11/1)

Just before the ICO ends:

• Team edits smart contract

• Extend the sale period by 5 days

• Execute this action just 5 minutes before the ICO closes

5. Suspicious coincidence

Almost at the same time:

• Large bets appear on Polymarket

• Betting on whether Trove's ICO will end or not

• Scale:

• Buy from 100k – 300k shares

A few minutes later:

• Trove officially announces the extension of the ICO

• A trader on Polymarket:

• Lost $73,000

• While the initial goal was only to raise $200

6. Chain reaction

After the community discovered:

- Users start exposing

- Team falls into panic mode

- Decision:

• Cancel the extension of ICO

• ICO ends 'as per the original plan'

- Team goes online to apologize

- At the same time admitting:

• They are 'optimizing for a small group'

7. Sell reserve assets and transfer chain

Right after:

• Wallets linked with Trove start selling HYPE

• Scale: Dump about $10M in ~24 hours

Note:

This HYPE number was initially announced as reserves for the development plan on Hyperliquid

Next development:

• Founder denies control over selling wallets

• Project announces:

• Moving to Solana

=> Dump reserve assets on Hyperliquid to... move from Hyperliquid to Solana?

Difficult to understand at the level of 'smart like this but not being excited'.

8. Some details are even worse

Detected:

• $45,000 from the angel fund

• Sent directly to the casino wallet

After raising capital, immediately go to 'entertainment'.

9. TGE status

- Token mint occurs:

• A few hours before TGE is announced

- Pool Raydium:

• Live for about 3 hours

• Before the official launch tweet

10. Value collapse

• FDV at ICO: $20M

• Current FDV: about $1.9M

• Decrease: -90% in just the first day

11. Liquidity

• Total money raised from ICO: $11.5M

• Liquidity added: $162,000

• Equivalent: ~1.4% of the raised funds

12. Holder concentration level

- Top 3 wallets: Control ~31% supply

- Top 10 wallets: Control ~41% supply

- One wallet:

• Receive 100% supply at the time of mint

• Then redistribute (creator / team wallet)

13. Details 'not yet happened' but extremely dangerous

Not recorded:

• Big dump

• Withdraw liquidity

However:

• Liquidity is too thin

• Any average selling order can:

• Nuke chart

• If the top wallets sell:

• 10–20% supply

• Price is almost certain to collapse

14. Classic details

• Official project page:

• Display 'Account in Vietnam'