Scandal in an Altcoin Project: Developers Allegedly Transferred Funds Raised to Prediction Markets – Statement Released

Crypto detective ZachXBT claimed in a statement today that a cryptocurrency project transferred funds it had raised to a prediction market platform.

According to ZachXBT, Trove (TROVE) fundraising accounts transferred $45,000 worth of SOL assets to the prediction market platform after transferring the assets between several accounts.

Two days ago, Trove announced that initial coin offering (ICO) participants could claim TROVE tokens by connecting their Solana wallets.

According to ZachXBT, a portion of the funds raised on January 11th were transferred directly to the prediction markets.

However, a response regarding the matter came from the Trove developers, specifically from the anonymous account “unwise.” The developer claimed that these funds were transferred to an influencer using the TJR account for advertising purposes, and that the influencer was the one who moved the funds to the prediction market.

It appears that the influencer account promoted the Trove project once without previously disclosing that it was an advertisement. ZachXBT argued that this response from the developer implies an admission that influencers were being used to advertise the project without providing the necessary privacy information.

Trove is not yet traded on spot markets.

*This is not investment advice.