finance
Crypto Exchanges Investigate RAVE Token 4,500% Surge and Misconduct Claims
Crypto exchanges Bitget and Binance have initiated investigations into the recent surge of the RAVE token following allegations of market manipulation. The token, associated with RaveDAO, experienced a 4,500% rally over a week, resulting in over $44 million in liquidations. Nearly 90% of its supply was held in three wallets, with millions transferred to exchanges before the price increase.
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Crypto exchanges Bitget and Binance announced investigations into the RAVE token's recent price surge amid allegations of insider involvement and market misconduct. Bitget CEO Gracy Chen stated that the exchange had started investigating the matter. Binance CEO Richard Teng said the platform was examining the claims and would continue to address signs of market misconduct.
The RAVE token rallied 4,500% over the course of a week, leading to over $44 million in liquidated positions, most of which were bearish.
30 to over $6 in a single day. It later climbed past $27, briefly reaching a market value exceeding $6 billion before receding. The token is now down more than 50% from its peak and 30% over the last 24 hours.
90% of RAVE's supply was concentrated in three Gnosis Safe wallets at the time of the surge.
Investigators flagged transfers of millions of tokens to exchanges shortly before prices began rising. Gate exchange was mentioned in an investigation by ZachXBT, who offered a $10,000 bounty for evidence from whistleblowers about the parties involved.
RaveDAO describes itself as a Web3 project focused on electronic music events, offering blockchain-based ticketing and community governance.
The project originated from a 2023 afterparty in Istanbul and has hosted events in several regions. RaveDAO reported about $3 million in revenue in 2025.
stated in a social media thread that the team is not engaged in nor responsible for the recent price action.
The project confirmed plans to liquidate portions of unlocked tokens when appropriate and is exploring models such as price-triggered or performance-triggered locks to tie team incentives to ecosystem growth. Claims include a possible 'bait and liquidate' pattern, where visible transfers suggest selling pressure to draw short positions, followed by price rises forcing buybacks.
