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Merciless Backstab of Hyperliquid, Trove Operations Team Accused of Iranian Background

By: theblockbeats.news|2026/01/19 18:30:12
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BlockBeats News, January 19, Trove is a project planning to build a perpetual contract DEX, mainly focusing on leveraged trading of non-traditional assets such as collectibles, RWA, stocks, and prediction markets. The project was originally positioned based on the Hyperliquid ecosystem and completed an ICO earlier this month, raising about $11.5 million. During this period, the community provided feedback that the project was involved in "paying KOLs for promotion, with funds flowing to an entertainment platform deposit address," and that the "ICO fundraising deadline kept changing," among other controversial events.

Recently, the project suddenly announced its abandonment of the Hyperliquid route and a shift to Solana to rebuild the entire Perp DEX. At the same time, the Trove team started dumping HYPE. Facing community anger, the official explanation was that the LP decided to close a 500,000 HYPE position due to "recent negative sentiment," which altered the project's trajectory.

Amidst many miraculous moves, blockchain analyst @eyeonchains conducted an analysis of Trove founder unwise's (@unwisecap) associated social media accounts, indicating that the Trove operational team is likely from Iran, possibly even the Kurdish region. The main evidence is that unwise's associated Telegram account includes numerous groups related to that region.

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