RaveDAO like Binance, Bitget Probe rejects implementation of RAVE trading activity
RaveDAO denies any role in RAVE token's sharp rise and sharp fall as major crypto exchanges open investigations into trading activity following market manipulation.
In a thread posted on X, he said he was “not involved in or responsible for the recent price action” in response to a series of checks after RAVE surged from $0.25 to roughly $28 before the project fell more than 80%.
The denial comes as onchain investigator ZackXBT accused the project of orchestrating a pump-and-dump scheme, pointing to accumulated token holdings and suspicious exchange flows. They called for exchanges to take action, stating that more than 90% of the token supply could be controlled by insiders.
Both Binance and Bitget confirmed they are reviewing the situation. “We are looking into it,” Binance CEO Richard Teng wrote, while Bitget CEO Gracie Chen said the exchange had “started investigating” RAVE's trading activity.
Related: The study says there are almost no crypto protocols that define market maker terms.
RaveDAO plans a token sale to support growth
RaveDAO has outlined plans to sell unlocked tokens to support operations, marketing and recruitment. The group said it is investigating “price-triggered or performance-triggered locks” to better align incentives.
“Building a movement requires resources,” the project writes, and it aims to do so “constantly and transparently.”
RaveDAO is a Web3-based entertainment project that combines electronic music events with blockchain technology to bring crypto into real-world experiences such as festivals and parties. It operates as a decentralized community where attendees receive NFT for participation, while the RAVE token is used for administration, ticketing and access to events.
At the time of writing, RAVE is at $1.36, down 94.95% in the previous day, according to CoinMarketCap data.
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DeFi will end the increase in April
As Cointelegraph reports, over two weeks since the massive $280 million Drift Protocol attack on April 1, more than a dozen DeFi protocols and crypto companies have been hit by exploits.
Other affected projects include CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, exchange and liquidity pools among many chains. The attacks range from smart contract errors and verbal manipulation to control failures and liquidity pool exploits.
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