Investigations Launched into RAVE Token's 4,500% Surge Amid Allegations of Insider Involvement

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 manipulated the market to engineer a significant short squeeze, resulting in a rapid price increase. Bitget's CEO, Gracy Chen, confirmed the investigation, while Binance's CEO, Richard Teng, stated that the platform would examine signs of market misconduct. ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence. The RAVE token's price surged 4,500% over a week, leading 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 denied any involvement in 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.