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, resulting in a massive short squeeze that drove the token's value up rapidly. Bitget's CEO, Gracy Chen, confirmed that the exchange is looking into the matter, while Binance's CEO, Richard Teng, stated that the platform will examine signs of market misconduct. ZachXBT has offered a $10,000 reward to whistleblowers who can provide evidence about the parties involved. The RAVE token's price surged by 4,500% over the course of a week, resulting in over $44 million in liquidations, with nearly 90% of its supply concentrated in just three Gnosis Safe wallets at the time. Millions of tokens were transferred to exchanges shortly before the price began to rise. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price manipulation, stating that it is not responsible for the recent price action and plans to liquidate portions of unlocked tokens when appropriate.