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 of RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders manipulated the market to drive the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed the exchange has started investigating the matter, while Binance CEO Richard Teng stated that the platform is also looking into the claims and will examine signs of market misconduct. ZachXBT has offered a $10,000 bounty for whistleblowers to share evidence about the parties involved. 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 began to rise. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue in 2025. The token's market behavior has raised concerns, with some claiming a 'bait and liquidate' pattern. RaveDAO has denied engaging in or being responsible for the recent price action, stating that it plans to liquidate portions of unlocked tokens 'when appropriate' and is exploring models to tie team incentives to ecosystem growth.