Investigations Launched by Binance and Bitget into RAVE Token's 4,500% Price Surge Amid Insider Trading Allegations

Following allegations by on-chain analyst ZachXBT that insiders manipulated a large short squeeze, resulting in a rapid price increase of RaveDAO's RAVE token, major cryptocurrency exchanges Binance and Bitget have initiated investigations. Bitget CEO Gracy Chen confirmed the exchange's investigation, while Binance CEO Richard Teng stated that the platform will examine signs of market misconduct. Additionally, ZachXBT has offered a $10,000 bounty for whistleblowers to share 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, raising concerns about potential market manipulation. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue but has seen its token's market value fluctuate significantly. The project has denied any involvement in the price surge, stating it plans to liquidate unlocked tokens 'when appropriate' and is exploring incentive models tied to ecosystem growth.