TLDR
- ZachXBT said RAVE showed “pump and dump” activity after a 10,383% 30-day gain.
- He alleged insiders controlled more than 90% of the RAVE token supply.
- He named Binance, Bitget, and Gate in the reported trading activity.
- ZachXBT offered a $25,000 bounty for whistleblower evidence on RAVE.
- Gracy Chen said Bitget had started an investigation into RAVE.
Blockchain investigator ZachXBT disclosed alleged insider manipulation of the RAVE token after a sharp price rally. He said the move looked like a “pump and dump” and offered a $25,000 bounty for evidence. The claims drew attention to Binance, Bitget, and Gate as the market watched the token’s rise.
ZachXBT points to concentrated RAVE supply
In a post on X, ZachXBT said insiders controlled more than 90% of the RAVE supply. He said that level of control could let a small group influence price action. He linked the rally to activity tied to Binance, Bitget, and Gate.
RAVE drew wider notice after its price climbed 10,383% over the past 30 days. The move pushed the token into broader market view and raised new questions. ZachXBT said retail traders could face losses if insiders used the rally to exit.
He described the pattern as a “pump and dump” in his post. He did not cite a formal enforcement action in the material provided here. Still, the claim gained traction because of the token’s sharp rise.
Binance and Bitget face review calls
ZachXBT called on Binance co-founder Yi He and Bitget executive Gracy Chen to review the matter. He asked both exchanges to conduct internal checks and remove any responsible actors. He also named Gate when describing where the activity appeared to begin.
In the post, he said the reported activity came from Binance, Bitget, and Gate. He then offered a $25,000 bounty for whistleblowers with evidence. That offer added pressure on the exchanges and widened interest in RAVE trading.
Bitget later responded through Gracy Chen, who said an investigation into RAVE had begun. Her reply marked the first direct exchange response in the details provided. No public findings from Binance or Gate were included in the supplied information.
Volatility warning adds more context
Before the allegations spread, RaveDAO warned users about higher volatility in the token. The project also urged caution with leveraged positions during the price swing. That warning now sits alongside the manipulation claims and exchange review requests.
For now, the case remains an allegation rather than a proven market abuse finding. No public enforcement record was cited in the material supplied for this report. Even so, the episode has kept attention on token supply and exchange oversight.
ZachXBT’s bounty offer kept the focus on evidence and possible internal links. His post asked for proof, tips, or documents from anyone with knowledge. As trading continued, the market waited for exchange reviews and any verified findings.
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