# ICO Related Articles

HTX News Center provides the latest articles and in-depth analysis on "ICO", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

From Changing Rules to Betraying the Community: Trove, a Failed ICO Stress Test

The article analyzes two recent ICOs, Trove and Ranger, as case studies for the evolving state of initial coin offerings. Trove's ICO, which raised over $11.5 million, promised to build on the Hyperliquid ecosystem but abruptly pivoted to Solana after fundraising concluded. This retroactive change, coupled with questionable fund management and a lack of transparency, led to a 75% token price crash and a severe loss of investor trust. In contrast, Ranger’s ICO on the MetaDAO platform was structured with pre-defined, unchangeable rules. Its framework included vesting schedules, governance controls, and treasury restrictions that limited team discretion and aligned incentives with long-term performance. The piece concludes that while modern ICOs use more structure to mitigate risks, the fundamental issue remains trust. The Trove incident underscores that changing core plans post-fundraising is a breach of contributor trust and highlights the need for robust mechanisms to protect investors, suggesting a full refund and a new sale under revised terms would be the ideal corrective action.

比推01/21 19:07

From Changing Rules to Betraying the Community: Trove, a Failed ICO Stress Test

比推01/21 19:07

TROVE token’s 97% wipeout: From $11.5 mln presale to rug-pull accusations

Trove Market's TROVE token experienced a catastrophic 97.5% crash shortly after its launch on January 20, falling from a fully diluted valuation of $20 million to just $500,000. The project had previously raised $11.5 million in a presale but faced immediate backlash after announcing a switch from Hyperliquid to Solana, breaching investor trust. Accusations of a rug pull intensified when it was revealed that funds were allegedly funneled to influencers, casinos, and betting platforms. A key liquidity provider liquidated $12.9 million worth of assets, further destabilizing the project. Most presale investors suffered massive losses, with sentiment remaining extremely bearish and fears of further price declines.

ambcrypto01/20 10:05

TROVE token’s 97% wipeout: From $11.5 mln presale to rug-pull accusations

ambcrypto01/20 10:05

Paradex Rollback Criticized, HIP-3 Competition Heats Up: What Happened in the Mainstream Ecosystems?

Over the past 24 hours, the crypto market has seen significant developments across multiple areas. The New York Stock Exchange (NYSE) announced a blockchain-based securities trading platform, sparking optimism about RWA (Real World Assets) adoption, though technical and regulatory challenges remain. The "Trove闹剧" incident, involving an alleged rug pull and undisclosed KOL promotions, led to community backlash and discussions on ICO transparency and accountability. WalletConnect introduced a POS payment product aiming to enable on-chain settlements, though adoption faces hurdles in existing payment infrastructure. On Solana, Magic Eden revealed a revenue-sharing model, directing 15% of platform earnings to $ME token buybacks and staking rewards, receiving positive community feedback. Ethereum ecosystem updates included MegaETH's upcoming stress test targeting high TPS, a partnership between Coinbase/Circle and Bermuda to build a digital economy, and ENS launching a Google BigQuery dataset for easier data analysis. In the Perp DEX space, competition for Hyperliquid's HIP-3 deployment intensified, with expectations of a crowded field and high bidding costs. Analysis revealed that much of the trading volume is algorithm-driven and incentive-based rather than organic. Additionally, HyperLend announced its token launch, and Trade.xyz upgraded to isolated margin mode. A major controversy emerged when Starknet-based Paradex performed a chain rollback due to a pricing error that caused unjust liquidations, leading to widespread criticism about the reliability and decentralization of on-chain DEXs, with comparisons drawn to Solana's stability.

marsbit01/20 04:15

Paradex Rollback Criticized, HIP-3 Competition Heats Up: What Happened in the Mainstream Ecosystems?

marsbit01/20 04:15

From Hyperliquid to Solana: How an ICO Promise of 'Chain Switching' Shakes Investor Trust?

In a controversial move, the digital collectibles platform Trove announced its sudden migration from Hyperliquid to Solana on January 19, citing a liquidity partner’s decision to liquidate a significant HYPE position. This shift contradicts earlier ICO promises that emphasized Hyperliquid integration and HYPE token backing, triggering backlash from investors who now demand refunds. The ICO, which initially raised over $11.5 million, faced scrutiny after the team briefly prolonged the fundraising period, causing speculative spikes on prediction market Polymarket. Investigations revealed that Trove had transferred $45,000 from its angel round directly into prediction markets, and allegations emerged that the team offered paid promotions to influencers. Community trust eroded further as Trove proceeded with token generation and distribution plans without addressing refund requests, despite the fundamental change in platform and tokenomics. The incident highlights risks in crypto investing, especially around anonymous teams, opaque fund management, and unilateral post-ICO changes.

比推01/19 14:11

From Hyperliquid to Solana: How an ICO Promise of 'Chain Switching' Shakes Investor Trust?

比推01/19 14:11

Narrative Collapse, Trust Reset to Zero: Trove Kicks Off This Year's Crypto Rights Protection Campaign

Trove, a Perp DEX platform that claimed to tokenize and trade illiquid collectibles like trading cards and luxury watches, has collapsed amid allegations of fraud and insider manipulation. The project initially built momentum with high-profile partnerships and a $20M+ HYPE token acquisition, leading to a successful $11.5M ICO. However, the team abruptly extended then reversed the ICO timeline, enabling insider betting on prediction markets like Polymarket. Soon after, Trove abandoned its original blockchain, Hyperliquid, and attempted to dump millions in HYPE tokens. Investigations revealed undisclosed payments to influencers, preferential investment terms for insiders, and false public statements. With trust shattered and legal risks under MiCA regulations mounting, Trove’s token is expected to crash at launch, marking a severe breach of trust in the crypto community.

marsbit01/19 11:17

Narrative Collapse, Trust Reset to Zero: Trove Kicks Off This Year's Crypto Rights Protection Campaign

marsbit01/19 11:17

"Wanke Cloud" Godfather Flees Overseas: The $200 Million Corruption Mystery of Chen Lei, Former CEO of Xunlei

Former Xunlei CEO Chen Lei, once hailed as the visionary behind the blockchain-based "Wanke Cloud" project, is now facing a 2 billion yuan lawsuit for alleged corruption and embezzlement. Appointed as CEO in 2017, Chen spearheaded the launch of Wanke Cloud, a device that allowed users to "mine" digital tokens by sharing bandwidth. The project initially drove Xunlei’s stock price up fivefold, but soon drew regulatory scrutiny over accusations of facilitating an illegal ICO. Internal conflicts and regulatory crackdowns followed, leading to Chen’s abrupt dismissal in April 2020. Xunlei accused him of funneling over 170 million yuan to Xingronghe, a shell company controlled by his close associates and relatives, through suspiciously fast-tracked payments. Chen also allegedly orchestrated the mass resignation of key employees to join Xingronghe, costing Xunlei millions in compensation. After his removal, Chen left China and has since remained overseas, complicating legal proceedings. Although criminal charges were dropped in 2022 due to insufficient evidence, Xunlei renewed its efforts with a civil suit filed in January 2026, seeking recovery of the misappropriated funds. Chen has expressed regret over his tenure, citing political friction and naivety in corporate dynamics. His story reflects the volatile intersection of technology, speculation, and corporate governance in China’s internet industry.

比推01/15 14:06

"Wanke Cloud" Godfather Flees Overseas: The $200 Million Corruption Mystery of Chen Lei, Former CEO of Xunlei

比推01/15 14:06

Pump.fun-Linked Wallet Sends $148M Stablecoins to Kraken Again

An on-chain analyst reported that a wallet linked to Pump.fun transferred approximately $148 million in USDC and USDT to Kraken, continuing a pattern of large transfers observed over the past two months. These funds originated from Pump.fun's mid-2025 token sale. Since November 15, a total of $753 million in stablecoins from the PUMP ICO proceeds has been moved to Kraken. Pump.fun has previously stated these are routine treasury operations for diversification and reinvestment, not liquidations. The latest transfer occurs amid increased scrutiny of the platform's fee structure and slowing revenue growth. Neither Pump.fun nor Kraken has publicly commented.

TheNewsCrypto01/13 06:41

Pump.fun-Linked Wallet Sends $148M Stablecoins to Kraken Again

TheNewsCrypto01/13 06:41

Why India’s new crypto rules leave little room for anonymity

India's Financial Intelligence Unit (FIU) has introduced stricter crypto regulations, effective from January 12, requiring enhanced verification processes beyond traditional ID checks. New measures include live selfie verification with actions like blinking, biometric authentication, geo-tagging, IP address collection, and penny-drop bank account validation. These steps aim to prevent deepfake fraud and money laundering, aligning with the Prevention of Money Laundering Act (PMLA). Crypto exchanges must now implement a three-level compliance system, conduct ongoing due diligence, screen users against sanctions lists, and maintain records for five years. The rules also classify ICOs as high-risk and enforce the "Travel Rule" for transparent transaction trails. India's move signals a tightening of digital asset oversight amid evolving global standards.

ambcrypto01/12 10:52

Why India’s new crypto rules leave little room for anonymity

ambcrypto01/12 10:52

2026 Crypto Narrative Predictions: Reputation Dominance, ICO Revival, and Neo-Banking, with Stablecoins as the Ultimate Winner

The article predicts three major narratives for the crypto space in 2026: reputation, the revival of ICOs, and the rise of crypto neobanks. In an AI-dominated landscape, reputation will become a critical differentiator between humans and bots, serving as a trust filter to identify credible actors and deter bad behavior, sybil attacks, and impersonators. ICOs are expected to make a comeback amid clearer regulations. Unlike past failures and recent flawed models like low-float, high-FDV VC launches, a new wave of reputation-based ICOs could foster the next generation of major crypto projects. Crypto neobanks will challenge traditional finance by offering self-custody accounts, yield-earning opportunities, and instant cross-border stablecoin payments. While no clear winners have emerged, stablecoins may ultimately benefit the most from this shift.

marsbit01/08 04:51

2026 Crypto Narrative Predictions: Reputation Dominance, ICO Revival, and Neo-Banking, with Stablecoins as the Ultimate Winner

marsbit01/08 04:51

Ranger Public Offering Introduces New Features, Can a Grassroots Team Win Market Trust?

On January 6th, Ranger Finance, a DEX aggregator on Solana, launched its ICO for the RNGR token via the MetaDAO platform to raise funds and accelerate development. The project aims to address fragmented liquidity and poor execution quality in the derivatives market by using an intelligent order routing system that scans multiple venues for optimal trade execution. It also offers a unified interface for managing diverse trading positions and plans to introduce cross-margin support. The public sale, running until January 10th, has a minimum fundraising target of $6 million. If exceeded, Ranger will initiate a buyback plan to repurchase and burn tokens at the difference between the ICO and listing price. The total token supply is 25,625,000, with 10 million allocated to the ICO. Team tokens (29.6% of supply) are subject to performance-based vesting, unlocking at multiples of the ICO price (2x to 32x). Ranger raised $1.9 million in December 2024 from investors like RockawayX and Asymmetric. The team, including co-founders with backgrounds at SolanaFM and mtnCapital, is partially anonymous, which may pose trust issues despite alignment incentives. Currently, the ICO has raised $2.9 million from nearly 1,800 investors, with market predictions suggesting a high probability of exceeding $30 million.

marsbit01/08 03:56

Ranger Public Offering Introduces New Features, Can a Grassroots Team Win Market Trust?