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

Major cryptocurrency exchanges Binance and Bitget have initiated an investigation into the recent trading activity surrounding RaveDAO's RAVE token. This comes after on-chain analyst ZachXBT alleged that insiders orchestrated a large short squeeze, resulting in the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed that the exchange has started investigating the matter, while Binance CEO Richard Teng also announced that the platform is looking into the claims and will examine signs of market misconduct. Additionally, ZachXBT has offered a $10,000 bounty to whistleblowers who can provide evidence about the parties involved. The RAVE token experienced a significant price surge, leading to over $44 million in liquidations, with nearly 90% of its supply concentrated in three Gnosis Safe wallets at the time. The project, which focuses on Web3 electronic music events and blockchain-based ticketing, has reported $3 million in revenue in 2025. However, the token's market behavior has raised concerns, with some claiming a 'bait and liquidate' pattern. RaveDAO has addressed the situation, stating that the team is not responsible for the recent price action, but plans to liquidate portions of unlocked tokens when appropriate. The company is exploring models that tie team incentives to ecosystem growth but has not committed to a specific mechanism or timeline.