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

Following allegations of a coordinated price surge, major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activity surrounding RaveDAO's RAVE token. The probe was prompted by on-chain analyst ZachXBT, who claimed 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's CEO, Richard Teng, stated that the platform is also examining the claims and will take necessary actions to address any signs of market misconduct. Another exchange, Gate, was also implicated in ZachXBT's investigation. The analyst has offered a $10,000 bounty to whistleblowers who can provide evidence about the parties involved. The RAVE token experienced a significant price surge, resulting in over $44 million in liquidations, with nearly 90% of its supply concentrated in just three Gnosis Safe wallets. Millions of tokens were transferred to exchanges shortly before the price increase, further fueling suspicions of insider trading. 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. The project has announced plans to liquidate portions of unlocked tokens and is exploring incentive models that tie team performance to ecosystem growth.