One of crypto’s most trusted on-chain investigators just called out a textbook pump and dump, and this time, major exchanges are named.
ZachXBT posted publicly that pump and dump activity for RAVE token originated on Bitget, Binance and Gate, with insiders controlling over 90% of supply. He called on Binance co-founder He Yi and Bitget CEO Gracy Chen to launch internal investigations and offboard the responsible actors.
He offered a $10,000 personal bounty for whistleblowers. Chen responded soon: “Thanks for highlighting! We’ve started investigating into $RAVE.”
The setup was deliberate. Wallets linked to the RaveDAO deployer transferred 18.58 million RAVE tokens to Bitget before the pump began – with no announcement and no disclosure. The price was still below $0.50.
Ten hours later, the rally started.
With 74% of traders on Binance holding short positions, insiders then withdrew 29.78 million tokens from Bitget – draining exchange selling pressure entirely. The resulting short squeeze sent RAVE from $0.27 to over $14 in seven days, a gain of more than 5,500%.
ZachXBT had previously reached out to RaveDAO’s co-founder before posting publicly. He was left on read.
Intergovernmental Blockchain Advisor Anndy Lian flagged the warning signs clearly. The top 10 wallets hold 98.16% of total supply. Only 24-25% of the one billion token supply is in circulation. The fully diluted valuation sits at roughly four times the current market cap – a ratio that historically precedes 40-60% retracements. There is no public codebase and no completed security audit.
The project’s backer list is striking: World Liberty Financial, Warner Music Group, Tomorrowland, and YZi Labs – a Web3 incubator with former Binance staff. None of that changes what the on-chain data shows.
“We cannot allow this blatant market manipulation by insiders controlling more than 90% RAVE support to further extract from retail investors,” ZachXBT wrote.
Bitget has confirmed its investigation is underway. Binance and Gate have not yet responded publicly.
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