ZachXBT Accuses RaveDAO of $6B RAVE Token Pump-and-Dump; Exchanges Launch Probes After 97% Crash

A coordinated pump-and-dump scheme allegedly orchestrated by RaveDAO insiders has wiped out nearly all value from the RAVE token, collapsing a $6.7 billion market cap in days. On-chain investigator ZachXBT publicly warned major crypto exchanges of the manipulation before the crash, accusing the project's team of controlling over 90% of the token supply from just three wallets to artificially inflate the price to $27. The token's daily trading volume had surged past $300 million in the lead-up to its peak, creating a massive but fragile valuation.

Following ZachXBT's public call to action and a $10,000 bounty offer for evidence, exchanges Binance, Gate.io, and Bitget have now opened investigations into the RAVE token's catastrophic 97% plunge. The investigator's alert specifically named these three platforms, alleging that the insiders were trading the token there to execute the scheme. The timeline shows a rapid sequence: ZachXBT's warning on April 18 was followed by the token's price plummeting from $26 to around $1 within 24 hours, erasing billions in perceived value.

The belated response from the exchanges highlights a critical vulnerability in the crypto market's surveillance and reaction mechanisms. The incident places intense scrutiny on the due diligence processes of major trading platforms when listing new tokens, especially those with highly concentrated supply. It also raises significant questions about investor protection and the effectiveness of post-facto investigations in recovering lost funds after such a dramatic and rapid collapse. The case serves as a stark reminder of the manipulation risks inherent in low-float, high-supply-concentration tokens.