The investigator on the series Zack XP T accused some insiders of executing a coordinated scheme to pump the price and then sell suddenly for the Rive DAO (RAVE) cryptocurrency through major centralized trading platforms.

These accusations came after the price of RAVE rose by about 5,600% within one week, as the token surged from $0.25 to $14.19 before sharply correcting downwards.

It was reported that insiders controlled over 90% of the supply of RAVE.

Zach XBT claimed that a group controlling over 90% of the total circulating supply of RAVE coordinated to manipulate on the Binance, Bitget, and Gate platforms.

Data from the chain shows that approximately $42 million was transferred from RAVE to the Bitget platform, with $32 million being withdrawn back on-chain shortly after.

It appears that this trick was designed to attract short sellers, and when the real selling pressure was withdrawn from the order books, the forced liquidation led to a series of cascading mechanical buy orders.

RAVE recorded liquidations on derivatives amounting to $30.6 million within 24 hours, coming only after Bitcoin (BTC) and Ethereum (ETH).

Zach XBT urged Binance and Bitget management to open internal investigations and remove those responsible, initially offering $10,000 of his own funds as a reward for whistleblowers. Later, community contributions raised the reward to $25,000.

Bitget responded to the pressure

Bitget's CEO, Gracy Chen, publicly responded after rising community pressure, with the platform's initial acknowledgment indicating a willingness to face these allegations, although specific actions have yet to be revealed.

Zach XBT urged the cryptocurrency community to continue pressing centralized platforms for more transparency, leaving the question open as to whether Binance and Gate will conduct similar reviews in the coming days.

The price of Rive DAO, the token driving RAVE, declined by about 27% in the last 24 hours, trading at $13.77 at the time of writing this report.