RAVE Crashes 68% as Binance and Bitget Investigate Manipulation Claims

Key Takeaways:

“Pump and dump activity for $RAVE originated on @Bitget @Binance @Gate.”

The on-chain investigator called on exchange leadership to strengthen internal controls, initiate formal probes, and remove any actors linked to the activity. He initially offered a $10,000 incentive, later increasing the bounty to $25,000 following additional community contributions, to encourage whistleblowers to submit evidence privately. The allegations also highlighted that insiders controlled more than 90% of RAVE support, raising concerns over price influence and retail exposure. ZachXBT stressed: “We cannot allow this blatant market manipulation by insiders controlling >90% RAVE support to further extract from retail investors.”

Market data across multiple platforms highlights the scale of the decline. Data from Binance indicates a rejection from roughly $28.47 to a low near $8.98, translating to an approximate 68% peak-to-trough drop. Coingecko data shows a similar move, with RAVE falling from $27.88 to $9.46, representing an approximate 66% decline. Tradingview data reflects a comparable pattern, with the token dropping from $27.80 to $9.48, marking a roughly 66% decrease. Kraken data also shows a comparable fall from $28.58 to $9, equating to an approximate 68.5% decline. These aligned readings reinforce the severity and consistency of the selloff across major platforms.

Responding to the claims, both Bitget and Binance indicated they would review the situation. Bitget Chief Executive Officer Gracy Chen replied to ZachXBT: “Thanks for highlighting! We’ve started investigating into $RAVE.” Binance Chief Executive Officer Richard Teng responded: “Thanks for flagging this with us ZachXBT.” Teng continued:

“We’re looking into it. We will always do our part to investigate all market misconduct.”