$RAVE is facing severe allegations of market manipulation after a suspected insider-led pump-and-dump scheme caused a 5,600% surge followed by a 95% crash, wiping out billions in market cap. On-chain data indicates that over 90% of the token supply was controlled by a small group of insiders who allegedly triggered a massive short squeeze.
Key Aspects of the RAVE Crypto Manipulation Scandal:
The Scheme: On-chain investigator ZachXBT alleged that insiders orchestrated a pump-and-dump, pushing the price from $0.25 to over $14—and in some reports, nearly $28—before a sudden collapse.
Suspicious Activity: Around 90% of the RAVE supply was held by a few wallets, allowing for easy price manipulation. Insiders reportedly moved large amounts of RAVE onto exchanges to bait short sellers, then withdrew them to create a supply crunch, triggering a massive buying cascade.
The Fallout: RAVE recorded over $30 million in derivatives liquidations within 24 hours, second only to Bitcoin and Ethereum at the time. The token later crashed, wiping out over $6 billion in market cap have opened investigations into the suspicious trading activity following intense pressure.
Response: RaveDAO has denied involvement, claiming it was not responsible for the price action.
ZachXBT has offered a $25,000 bounty for information leading to a better understanding of the scheme. {future}(RAVEUSDT) {future}(XRPUSDT)
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