RaveDAO has denied any role in the recent rise and fall of its RAVE token, as major crypto exchanges launch investigations into trading activity following allegations of market manipulation.
In a thread Posted On X, the project said it was “not involved in, nor responsible for, the recent price action,” responding to increased scrutiny after RAVE rose from about $0.25 to about $28 within days before plunging more than 80 percent.
Denial comes as onchain investigator ZachXBT. Accused The plan, orchestrating a pump-and-dump scheme, points to concentrated token holdings and suspicious exchange flows. They claimed that more than 90% of the token supply could be controlled by insiders, which called for exchanges to take action.
Both Binance and Bitget confirmed that they are reviewing the situation. Binance CEO Richard Tang said, “We are looking into it. wroteWhile Bitget CEO Gracie Chen said The exchange had “initiated an investigation” into RAVE trading activity.
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RaveDAO plans token sales to fund development.
RaveDAO also outlined plans to sell portions of unlocked tokens for fund operations, marketing and hiring. The team said it is looking for “price-triggered or performance-triggered locks” to better align incentives.
“Building a movement requires resources,” the project wrote, aiming to do so “sustainably and transparently.”
RaveDAO is a Web3-based entertainment project that combines electronic music events with blockchain technology, aiming to engage users in crypto through real-world experiences such as festivals and parties. It functions as a decentralized community where participants receive NFTs for participation, while its RAVE token is used for governance, ticketing and access to events.
At the time of writing, RAVE is trading at $1.36, down 94.95% from the previous day. According to To data from CoinMarketCap.
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Additions to DeFi Hacks in April
As Cointelegraph reported, more than a dozen DeFi protocols and crypto firms were exploited in just two weeks, starting with the massive $280 million Drift Protocol attack on April 1.
Other affected projects include CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, as well as multiple on-chain exchanges and liquidity pools. Attacks range from smart contract bugs and oracle manipulation to access control failures and liquidity pool exploitation.
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