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A summary of the RAVE -95% price fluctuation from $26 to $1 over the past 24 hours.
RAVE Timeline: April 18, 2026
7:26 am UTC: I posted a call to action for Binance, Bitget, & Gate to investigate RAVE market manipulation and offered a $10K bounty.
10:56 am UTC: I posted an update increasing the bounty to $25K.
11:18 am UTC: Bitget publicly acknowledged the call to action.
2:08 pm UTC: Binance publicly acknowledged the call to action.
3:06 pm UTC: RaveDAO posted claiming they have no involvement.
4:19 pm UTC: Gate publicly acknowledged the call to action.
In the days leading up, on April 13 & 14, I confronted RaveDAO co-founder Yemu Xu (wildwoomoo) but have yet to receive an answer.
RAVE launched in Dec 2025 on Binance Alpha with a 1B total supply. The addresses below, linked to the initial distribution, control ~95% of the RAVE supply (h/t Mlm):
0x9831156F1a6E506Fca41503590b42F07c2e80f54
0x8Ed6245C3276307E1A9D9Dc872E98A0E770070fd
0x6020656d1EF182173E45D4Fc375BDD5a48c674B0
0x2664cB80a5ee7D8EC05fe7C752dD62E078056E6d
0x2D81F8AeBf3e58A5e638006c9fd8F38C5220ecab
0x31694d761A8e851cFFbCd286aC54D01e5Ce5aFe6
0x0A1F07993a51CcEb4f52CA67765AECeADDA790d7
0xEB74Df8588cFC1C179Df4bd96C0bB8B227B9bE92
0x53d7d52301366DC14E1916b14eFeC1aDD8F3487b
I found suspicious CEX activity in April 2026 tied to RaveDAO team addresses onchain, which potentially contradicts their recent statement:
Bitget
0x2dc20f2180582172f5450c5d71e23fa438a7031b
0xa3a02aeb97fc1737c66f50d07d024799c137891d
0x2d95eb42525e6087e0cb7869f98da6838ed2e743
Gate
0x31711246b05d71e9eda5e38a3abb654020ee3353
Given the supply concentration, the team at minimum knows who is responsible for this price action.
A simple litmus test: $6B in market cap was wiped out on just $52M of 24hr liquidations (h/t CoinGlass). That ratio points to a manipulated and unsustainable valuation.
RAVE is not the only token with manipulation we have seen on major centralized exchanges. It's just the most blatant, reaching a top 15 market cap within 10 days before dropping 95% in hours.
Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER.
Exchanges need faster intervention on manipulation. Detection at scale isn't easy, but each day of delay means retail traders absorb losses while platforms collect fees on the volume. The outcome is the same regardless of intent.
While it's good the exchanges responded, I find it unlikely this activity wasn't spotted internally before I raised it publicly.
I recognize how much this behavior takes from retail traders, and I plan to investigate similar movements in hopes of identifying the responsible parties.
I want to reiterate that I did not take a position. If I had, I would have been liquidated myself. I also could not anticipate if or when the exchanges would comment publicly.
My $25K bounty will remain active since the only DMs received were unverified claims rather than non-public information with supporting evidence as requested.
🚨THE $RAVE SCANDAL IS GETTING BIGGER.
Three major exchanges, Binance, Bitget, and Gate, are are officially investigating.
ZachXBT called all three out by name, alleging insiders used their platforms to engineer a massive short squeeze.
Bitget CEO Gracy Chen confirmed a probe within the hour.
Binance CEO Richard Teng pledged to investigate "all market misconduct."
Gate's Kevin Lee: "Already on it. User protection comes first."
RaveDAO just became crypto's latest case study in alleged insider manipulation after its $RAVE token CRASHED over 95%, wiping $6.3 BILLION in market cap.
RaveDAO denies involvement while ZachXBT is offering $25K for whistleblowers.
Who's getting held accountable?
> $RAVE goes +10,000% in 2 weeks
> @zachxbt calls out Binance & Bitget for market manipulation
> Both CEOs agree to launch investigations
> Coin loses -85% of its value overnight
Absolute cinema
$RAVE cost $75k to create 10,500 fake wallets holding under $10 each. that passed holder count requirements on binance, bitget, and coinbase. got listed, hit $27b FDV, insiders dumped. 335,000% ROI on a sybil attack against exchange listing standards. the fix is trivial. require minimum holding thresholds per wallet, cap top 10 concentration at 30%, monitor distribution post-listing. exchanges know this. they list anyway because listing fees print. the next RAVE is already in the queue and the gates are still wide open.
@RaveDAO You expect the community to believe RAVE went $60M -> $6B mkt cap organically in 9 days with little to no utility?
Considering your team handled the initial distribution with a low float it’s unlikely you do not know the party responsible for it.
Pump & dump on $RAVE across @bitget@binance@Gate. $RAVE entered top 20 crypto. Est. proceeds: $25M–$60M+. @heyibinance@GracyBitget — where is investigation/accountability? @realDonaldTrump — do you really want this above your coin in a fair market?
@RaveDAO Alleged pump & dump activity on $RAVE tied to @bitget@binance@Gate.
@heyibinance@GracyBitget — please investigate and offboard any actors involved.
Insiders may control >90% of liquidity, hurting retail.
zachxbt offers up to $10K for whistleblowers with evidence. DM privately
Pump and dump activity for $RAVE originated on @bitget@binance@Gate
Call to action for both @heyibinance@GracyBitget to do better and launch internal investigation offboarding the responsible actors.
Offering up to $10K bounty of my personal funds for whistleblowers to come forward privately to share evidence about parties involved
We cannot allow this blatant market manipulation by insiders controlling >90% RAVE support to further extract from retail investors.
@coinexcom@RaveDAO RAVE pumping? Look closer.
Price up while volume is dropping.
Funding is sky-high.
Liquidations everywhere.
* 90% of supply in one set of hands.
This isn’t organic. It’s controlled.
Be careful — this kind of setup usually ends the same way.
@kucoincom@RaveDAO RAVE pumping? Look closer.
Price up while volume is dropping. Funding is sky-high. Liquidations everywhere.
•90% of supply in one set of hands.
This isn’t organic. It’s controlled.
Be careful — this kind of setup usually ends the same way.