As a researcher following the crypto space, I’ve been tracking the recent RAVE token crash. It plummeted from around $26 to almost nothing – less than $1 – wiping out billions of dollars in value. Following this, Mingxing “Star” Xu, the founder of OKX, increased the bounty offered to ZachXBT for information regarding alleged manipulation of the RAVE token, raising it to $25,000.
Summary
- OKX founder Star pledged an extra $25,000 to support ZachXBT’s investigation into suspected insider manipulation around the RAVE token.
- RAVE crashed about 95% from roughly $26 to near $1 in under two days, erasing billions in market capitalization after an 11,000% rally.
- ZachXBT says insiders controlled about 90–95% of supply and has urged Binance, Bitget and Gate to conduct internal probes and punish any employees involved.
Star, the founder and CEO of OKX, announced the exchange will add $25,000 to the reward offered for ZachXBT’s investigation into possible market manipulation of the RAVE token. This increases the total reward ZachXBT can earn for their work.
OKX joins hunt for RAVE manipulators
Following a post by ZachXBT on X, Star stated that OKX is carefully watching the situation and will help investigate any potential misuse of inside information to protect its users. This shows the platform supports demands for more transparency and responsibility regarding the trade.
Researcher ZachXBT claims that people connected to the RAVE cryptocurrency project intentionally inflated its price before selling their tokens for a profit. He alleges that the project team and early investors held over 90% of the RAVE tokens, and that large transfers of tokens to exchanges right before the price increased strongly suggest they were manipulating the market to sell their holdings to later investors at a higher price.
RAVE’s 11,000% surge and 95% crash
RAVE, a cryptocurrency, experienced a dramatic price surge, climbing from about $0.25 to $27.33 in just 9 to 11 days – an increase of roughly 10,800% to 11,000%. This rapid rise led to around $44 million in liquidations, primarily affecting traders who bet against the token. The price briefly reached a valuation of about $6 billion before a sharp sell-off caused it to plummet around 95% to nearly $1, effectively erasing almost $6 billion in market capitalization despite only $52 million in liquidations.
On X (formerly Twitter), ZachXBT explained that the situation looked like a classic “pump and dump” scheme. He pointed out that the large difference between the drop in value and the number of liquidations wasn’t typical of a healthy market. ZachXBT stated he’d tried contacting a co-founder of RaveDAO before making his findings public, but didn’t receive a reply. He then increased the reward he was offering for information about potential insider trading from $10,000 to $25,000.
Bitget CEO Gracy Chen publicly thanked ZachXBT for bringing attention to a problem with the RAVE token and confirmed they had begun an investigation. Binance and Gate also said they were reviewing the situation as concerns grew. RaveDAO, the team behind RAVE, denies any wrongdoing, but exchanges and investigators are now examining transaction data to see if people with inside knowledge manipulated the price, causing the token’s dramatic 11,000% rise and subsequent crash – potentially one of the worst in crypto history.
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2026-04-20 16:58