Binance and Bitget Launch Probe into RAVE Token's 4,500% Price Surge Amid Insider Trading Allegations

Major cryptocurrency exchanges Binance and Bitget have initiated investigations into the recent trading activity surrounding RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders manipulated the market to drive the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed the exchange's investigation, while Binance's CEO, Richard Teng, stated that the platform would examine signs of market misconduct. ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence. The token's price surge led to over $44 million in liquidations, with nearly 90% of its supply concentrated in three Gnosis Safe wallets. Millions of tokens were transferred to exchanges before the price began to rise. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue in 2025. The project's token traded below $0.50 for most of its history before surging in April, reaching a market value of over $6 billion at its peak. The token has since dropped by over 50% from its peak. Allegations of a 'bait and liquidate' pattern have also surfaced, suggesting that visible transfers may have been used to lure traders into short positions. RaveDAO has denied any involvement in the recent price action, stating that it plans to liquidate unlocked tokens 'when appropriate' and is exploring models to tie team incentives to ecosystem growth.