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Binance and Bitget to probe RAVE’s 4,500% token surge as claims of insider-orchestrated rally grow
ZachXBT alleged insiders used concentrated wallets and exchange transfers to fuel a 4,500% surge that triggered $44 million in liquidations.
- Binance and Bitget opened investigations into RAVE token trading activity after onchain investigator ZachXBT alleged insiders engineered a short squeeze that drove the token's rapid rise.
- The original rally took RAVE from about $0.25 to $27.33 in nine days, a 10,800% move that triggered $44 million in liquidations on Friday, mostly from short sellers.
- Investigators flagged a "bait and liquidate" pattern where visible token transfers suggested sell pressure, while roughly 90% of the 1 billion RAVE supply was held in three Gnosis Safe wallets.
- RAVE crashed by 90% over 24 hours as the project's market cap dropped $5.7 billion in 48 hours, with the collapse accelerating after the project's Saturday denial.
- RaveDAO stated the team "is not engaged in, nor responsible for, recent price action," though it plans to "liquidate portions of unlocked tokens" later, while ZachXBT offered a $25,000 bounty for evidence.
28 Articles
28 Articles
Pump-and-dump accusations against the RaveDAO team put a massive strain on trust in the project. Binance and Bitget initiate investigations. Source: BTC-ECHO BTC-ECHO
RaveDAO Denies Manipulation as Binance, Bitget Probe RAVE Trading
RaveDAO has denied any role in the dramatic surge and subsequent collapse of its RAVE token, even as major crypto exchanges have opened inquiries into trading activity amid allegations of market manipulation. The project pushed back on social media, saying it was “not engaged in, nor responsible for, recent price action” after RAVE spiked from about $0.25 to nearly $28 in a matter of days before sliding more than 80%. On-chain sleuth ZachXBT pub…
RaveDAO Price Crashes 95% as Binance and Bitget Launch Investigations After Manipulation Allegations - Invest In Crypto News
RaveDAO has collapsed. A token that reached an all-time high of $27.94 just days ago is now trading around $1.50, down 95% from its peak, after on-chain investigator ZachXBT publicly accused insiders of orchestrating a pump-and-dump scheme and both Binance and Bitget confirmed they had opened formal investigations. Approximately $43.68 million in leveraged positions were liquidated in 24 hours as the allegations triggered panic selling and a cas…
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