RaveDAO Denies Manipulation as Binance, Bitget Probe RAVE Trading Activity

RaveDAO has denied any function within the latest surge and sharp collapse of its RAVE token, as main crypto exchanges open probes into buying and selling exercise following allegations of market manipulation.

In a thread posted on X, the undertaking stated it was “not engaged in, nor liable for, latest worth motion,” responding to mounting scrutiny after RAVE soared from roughly $0.25 to almost $28 inside days earlier than plunging greater than 80%.

The denial comes as onchain investigator ZachXBT accused the undertaking of orchestrating a pump-and-dump scheme, pointing to concentrated token holdings and suspicious trade flows. He claimed that greater than 90% of the token provide could also be managed by insiders, calling on exchanges to take motion.

Supply: ZachXBT

Each Binance and Bitget confirmed they’re reviewing the state of affairs. “We’re trying into it,” Binance CEO Richard Teng wrote, whereas Bitget CEO Gracy Chen said the trade had “began investigating” RAVE buying and selling exercise.

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RaveDAO plans token gross sales to fund development

RaveDAO additionally outlined plans to promote parts of unlocked tokens to fund operations, advertising and hiring. The workforce stated it’s exploring “price-triggered or performance-triggered locks” to raised align incentives.

“Constructing a motion requires sources,” the undertaking wrote, including it goals to take action “sustainably and transparently.”

RaveDAO is a Web3-based leisure undertaking that mixes digital music occasions with blockchain know-how, aiming to onboard customers into crypto by means of real-world experiences like festivals and events. It operates as a decentralized neighborhood the place attendees obtain NFTs for participation, whereas its RAVE token is used for governance, ticketing and entry to occasions.

On the time of writing, RAVE is buying and selling at $1.36, down by 94.95% over the previous day, according to knowledge from CoinMarketCap.

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DeFi hacks surge in April

As Cointelegraph reported, greater than a dozen DeFi protocols and crypto corporations have been hit by exploits in simply over two weeks, beginning with the massive $280 million Drift Protocol assault on April 1.

Different affected tasks embrace CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, together with exchanges and liquidity swimming pools throughout a number of chains. The assaults vary from good contract bugs and oracle manipulation to entry management failures and liquidity pool exploits.

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