Binance and Bitget Launch Probe into RAVE Token's 4,500% 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 orchestrated a large short squeeze, resulting in 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 increase, sparking concerns of a 'bait and liquidate' pattern. RaveDAO, a Web3 project focused on electronic music events, has denied involvement in the price action, stating that it plans to liquidate unlocked tokens 'when appropriate' and is exploring incentive models tied to ecosystem growth.