Trove Markets accused of selling over $10 million in HYPE tokens

Beincrypto reported that Trove Markets allegedly sold more than $10 million worth of HYPE tokens from a project-linked wallet within a 24-hour period.

On-chain data from wallet 0xebe07e526c4dc5f0005801bbd7d9850c424cf719 showed initial sales of 6,196 HYPE (about $160,000 at current rates), and Hyperliquid News said the activity escalated to 194,273 HYPE — roughly $10 million — after an earlier $5 million liquidation. The tokens had been acquired for staking to launch Trove’s DEX under Hyperliquid’s HIP-3 protocol, and the project’s ICO was tied to securing 500,000 HYPE; the offering was later extended and reportedly raised $11.9 million at a fully diluted valuation of $20 million. Hyperliquid News also reported the founder denied control of the wallet and requested its shutdown, but sales resumed minutes later, prompting concerns of insider fraud or compromised access.

The Hyperliquid Foundation donated 10,000 HYPE to blockchain investigator ZachXBT to probe the sales, and the HYPE token has fallen about 60% below its ICO price. Trove Markets remains operational with mainnet plans for February 2026 and a token generation event rescheduled to 4:00 PM UTC on January 19, 2026, but partial token dumps and eroded trust could jeopardize HIP-3 staking requirements and the DEX launch, potentially leaving investors exposed; Trove did not immediately respond to requests for comment.

Key Topics

Crypto, Trove Markets, Hype Token, Hyperliquid Foundation, Zachxbt, Solana