Following allegations of insider-orchestrated market manipulation by on-chain analyst ZachXBT, major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activities surrounding RaveDAO's RAVE token. The token experienced a rapid 4,500% surge, resulting in over $44 million in liquidated positions, primarily bearish, within a single day. Notably, nearly 90% of RAVE's supply was held in just three Gnosis Safe wallets, and millions of tokens were transferred to exchanges shortly before the price surge began. In response to the allegations, ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence.
RaveDAO, a Web3 project focused on electronic music events and blockchain-based ticketing, has stated that it is not responsible for the recent price action and plans to liquidate portions of unlocked tokens when appropriate, exploring incentive models tied to ecosystem growth.