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 trading activity surrounding RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders orchestrated a significant short squeeze, resulting in the token's rapid appreciation. Bitget's CEO, Gracy Chen, confirmed the exchange's investigation, while Binance's CEO, Richard Teng, stated that the platform is examining signs of market misconduct. Additionally, ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence. The token's price surged 4,500% over a week, resulting in 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 insider involvement. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price action, stating that the team is not responsible for the recent price surge. The project has announced plans to explore models that tie team incentives to ecosystem growth, including potential price-triggered or performance-triggered locks, but has not committed to a specific mechanism or timeline.