On-chain investigator ZachXBT has accused insiders of orchestrating a large-scale pump-and-dump scheme involving RaveDAO’s native token (RAVE) across major exchanges including Binance, Bitget, and Gate.io.
The allegations surfaced after RAVE experienced a staggering 5,600% price surge within a single week — before sharply retracing.
ZachXBT Flags Suspicious RAVE Trading Activity
According to ZachXBT, a coordinated group controlling more than 90% of RAVE’s circulating supply allegedly manipulated trading activity across the three exchanges.
The controversy began when RAVE skyrocketed from $0.25 to a peak of $14.19, marking one of the most aggressive weekly rallies among mid-cap tokens this month. However, the token later reversed sharply, triggering concerns of market manipulation.
In a post published on X on April 18, 2026, ZachXBT wrote:
“Pump and dump activity for $RAVE originated on @bitget @binance @Gate.”
He further called on Binance co-founder Yi He and Bitget CEO Gracy Chen to initiate internal investigations and remove responsible actors.
$42 Million in On-Chain Movements Raises Red Flags
On-chain data cited by ZachXBT shows approximately $42 million worth of RAVE tokens were transferred to Bitget, with $32 million reportedly withdrawn shortly after.
This maneuver allegedly reduced sell pressure on exchange order books, artificially driving prices upward. The rapid spike led to significant derivatives liquidations.
Within 24 hours, RAVE recorded $30.6 million in liquidations — trailing only Bitcoin and Ethereum during the same period.
$25,000 Whistleblower Bounty Announced
To further investigate the matter, ZachXBT initially offered $10,000 of his own funds for whistleblowers with relevant information. Community contributions later increased the total bounty pool to $25,000.
Bitget CEO Gracy Chen responded publicly the same day, stating:
“Thanks for highlighting! We've started investigating into $RAVE.”
No additional details about the scope or timeline of the investigation were provided.
What Is RaveDAO?
RaveDAO presents itself as a decentralized organization connected to nightlife and music events, with RAVE functioning as its native token.
Prior to the recent rally, RAVE traded near penny-stock levels for weeks. Its surge from $0.25 to over $14 represented one of the most dramatic short-term price increases in recent memory.
At the time of writing, RAVE had declined nearly 90% from its peak, trading around $8.13. The downturn followed ZachXBT’s public thread and subsequent exchange responses.
Market Impact and Investor Caution
The RAVE incident highlights ongoing risks within the crypto market, particularly concerning low-liquidity tokens and concentrated token supply.
If confirmed, the alleged manipulation would underscore the need for stronger internal monitoring systems across exchanges and greater transparency in token distribution models.
Investors are advised to exercise caution when trading assets that experience rapid, unexplained price surges — especially when supply concentration is high.
