Binance and Biget to probe RAVE’s 4,500% token surge as claims of insider-orchestrated rally grow
CoinDesk
Major exchanges Binance and Bitget are investigating RaveDAO's RAVE token following allegations of an insider-orchestrated short squeeze.Summary
Binance and Bitget have launched investigations into the RaveDAO RAVE token after onchain analyst ZachXBT alleged that insiders manipulated the market. The token experienced a 4,500% surge, triggering over $44 million in short liquidations, amid reports that 90% of the token supply was concentrated in just three wallets. While RaveDAO denies involvement in the price action, investigators noted suspicious token transfers to exchanges prior to the rally, leading to accusations of a "bait and liquidate" scheme.
(Source：CoinDesk)