On-chain sleuth ZachXBT has accused insiders of orchestrating a pump-and-dump in RaveDAO (RAVE) across Binance, Bitget and Gate, prompting a $25,000 whistleblower bounty.
ZachXBT Flags RAVE Manipulation
The allegations landed after RAVE spiked roughly 5,600% in a single week, climbing from $0.25 to $14.19 before sliding back.
ZachXBT claimed a group controlling more than 90% of the token's circulating supply coordinated trades across the three exchanges. He posted the accusation on X on Apr. 18, 2026.
"Pump and dump activity for $RAVE originated on @bitget @binance @Gate," he wrote, calling on Binance's Yi He and Bitget's Gracy Chen to "do better and launch internal investigation offboarding the responsible actors."
On-chain data cited by ZachXBT shows about $42 million in RAVE moved to Bitget, with $32 million withdrawn shortly after.
The maneuver stripped sell pressure from order books and triggered forced liquidations. RAVE logged $30.6 million in derivatives liquidations in 24 hours, behind only Bitcoin (BTC) and Ethereum (ETH).
ZachXBT initially pledged $10,000 of his own funds for whistleblowers. Community donations lifted the pool to $25,000.
Bitget CEO Gracy Chen replied publicly the same day. "thanks for highlighting! We've started investigating into $RAVE," she posted, without detailing next steps.
Also Read: Mastercard Pilots Ripple's RLUSD For Card Settlement With Gemini
RaveDAO Token History
RaveDAO markets itself as a decentralized organization tied to nightlife and music events, with RAVE serving as its native token.
The token traded near penny-stock territory for weeks before the recent run-up. Its move from $0.25 to above $14 marked one of the sharpest weekly gains among mid-cap listings this month.
At the time of writing, RAVE was down roughly 90% on the day at $8.13. The drop followed the ZachXBT thread and the exchange response.
Read Next: Anchorage Digital Proposes Zero-Knowledge Fix For Bitcoin's Quantum Threat