What has the Perp DEX project experienced, from Hyperliquid to Solana and then to questions about team identity?

【Block Rhythm】Trove, a project focused on perpetual contract DEX, has recently caused a stir. The project was originally positioned within the Hyperliquid ecosystem and completed an ICO in early January, raising $11.5 million. However, just a few days later, a series of issues surfaced.

Community members uncovered numerous problems: the project team allegedly paid KOLs for promotion, with funds flowing into entertainment platform accounts; the ICO fundraising deadline was repeatedly changed, which is quite suspicious.

Even more outrageous— the project suddenly announced abandoning the Hyperliquid route and shifting to Solana to rebuild the entire Perp DEX. Meanwhile, the project team began selling off HYPE tokens, sparking dissatisfaction within the community. The official explanation was that LPs decided to close 500,000 HYPE positions due to “recent negative sentiment,” forcing a change in the project’s direction.

That’s not all. On-chain analysts started digging into the background of founder unwise. By analyzing related social media accounts, there is evidence suggesting that the project operations team may originate from the Kurdish region of Iran. The main basis for this judgment is that the Telegram accounts associated with unwise contain numerous group chats related to that region.

After a series of operations, the trustworthiness of this project can be imagined.