On-chain investigator ZachXBT accused insiders of running a coordinated pump-and-dump scheme involving RaveDAO (RAVE) across major centralized exchanges.
These claims come on the heels of RAVE prices rising nearly 5,600% in one week. The token rose from $0.25 to $14.19 before correcting sharply.
Insiders allegedly control more than 90% of RAVE’s supply
ZachXBT claimed that the group that controls more than 90% of RAVE’s circulating supply is coordinated Manipulation on Binance, Bitget, and Gate.
On-chain data shows that approximately US$42 million was transferred from RAVE to Bitget, with US$32 million being withdrawn back on-chain shortly after.
This tactic appears to be designed to entice short sellers. With the actual selling pressure removed from the order books, forced liquidation resulted in a mechanical buying process Cascade.
RAVE recorded $30.6 million worth of derivatives liquidations in 24 hours, trailing only Bitcoin (BTC) and Ethereum (ETH).
ZachXBT called on the leadership of Binance and Bitget to launch internal investigations and remove the actors responsible. He initially offered $10,000 of personal funds for whistleblowers to come forward privately. Community contributions later pushed the reward to $25,000.
Bitget responds to pressure
Bitget CEO Gracie Chen has responded publicly after mounting community pressure. The exchange’s initial acknowledgment indicates its willingness to process claims, although specific procedures have not been disclosed.
ZachXBT urged the cryptocurrency community to continue to pressure centralized platforms for transparency. Whether Binance and Gate will open similar reviews in the coming days remains an open question.
RaveDAO’s energy token, RAVE, is down nearly 27% over the past 24 hours, trading for $13.77 as of this writing.
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