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- ZachXBT accused insiders of manipulating RAVE after the coin registered 10,383% gains over the past 30 days.
- The investigator called on Bitget and Binance to investigate and offered a $10,000 reward to anyone who revealed the violations with evidence.
The sudden rise in the RAVE token has sparked accusations of insider manipulation blockchain Investigator ZachXBT publicly called for an exchange-wide audit after assets rose more than 10,000% in a single month.
In a post on X, ZachXBT He said The move bears the hallmarks of insider trading and indicates what he described as concentrated control over the token supply. He shared a price chart showing RAVE rising 10,383% over the past 30 days, a spike large enough to turn a niche token move into a broader question about market integrity.
ZachXBT says insiders control most of the supply
The primary claim is not simply that RAVE rose too quickly. The problem is that the spike may have been engineered by parties with dominant control of the token. ZachXBT said insiders control more than 90% of RAVE’s supply, a concentration level that, if accurate, would make retailers particularly vulnerable to coordinated pumps and surprise exits.
He directly called out Bitget CEO Gracie Chen and Binance co-founder Yi He to address the issue, urging them to launch internal investigations and remove any responsible actors. He also offered a $10,000 reward to whistleblowers willing to provide evidence related to the alleged fraud.
This type of general escalation is not particularly common unless the investigator believes the trail of evidence could extend beyond price action alone.
The warning about volatility came just before the accusations spread
The post follows a warning from RaveDAO earlier this week, when the project asked users to be aware of increased volatility and be especially careful with leveraged positions. On the face of it, this was a fairly standard danger notice. But in the new context, it seems more fraught.
The timing has made it difficult to dismiss this episode as just another rally in low-liquidity altcoins. What ZachXBT claims is much more serious than that. It suggests a market structure where insiders may be in a position to extract value from retail participants during a dramatic upward move.
For now, the accusation remains merely an allegation and not an official enforcement finding. But the pressures are now becoming clear on the stock exchanges. When a token posts a five-figure increase in a month and an onchain investigator starts talking about insider control, the market tends to expect more than silence.
