Binance and Bitget Investigate RAVE Token's 4,500% Surge Amid Insider Trading Allegations

Major cryptocurrency exchanges Binance and Bitget have launched investigations into the trading activity surrounding RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders orchestrated a massive short squeeze, resulting in the token's rapid appreciation. Bitget CEO Gracy Chen confirmed the exchange's investigation, while Binance 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 surged 4,500% in a week, resulting in over $44 million in liquidations, with nearly 90% of the token's supply concentrated in three Gnosis Safe wallets. Millions of tokens were transferred to exchanges before the price increase, raising suspicions of a 'bait and liquidate' scheme. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price manipulation, stating that it plans to liquidate portions of unlocked tokens 'when appropriate' and is exploring incentive models tied to ecosystem growth.