RAVE plunged 90% overnight! ZachXBT revealed insiders control 90% of the supply, Binance and Bitget have launched investigations

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On-chain sleuth ZachXBT has accused RAVE token insiders of controlling over 90% of the supply and engaging in alleged price manipulation. Binance CEO Richard Teng personally responded, stating that a formal investigation has been launched. RAVE has plummeted by over 90% within 24 hours. (Previous coverage: $RAVE surged to $27! $18.34 million in short positions liquidated in 24h, yet open interest shrank by 83%) (Background: Binance CEO Richard Teng responds to "10/11 Liquidation" for the first time: It wasn't triggered by us, smart money is entering) The RAVE token, which skyrocketed over 10,000% in 11 days and was hailed by the market as a "music Web3 dark horse," crashed rapidly on April 19. It fell more than 90% in 24 hours, dropping from $25 yesterday evening to approximately $2.47. The catalyst for the crash may be on-chain sleuth ZachXBT. He posted on X yesterday (18th), pointing out that the abnormal volatility of the RAVE token originated from three exchanges: Binance, Bitget, and Gate. He directly alleged that insiders controlled over 90% of the circulating supply, suggesting coordinated manipulation, and offered a bounty for whistleblower information. Pump and dump activity for $RAVE originated on @bitget @binance @Gate Call to action for both @heyibinance @GracyBitget to do better and launch internal investigation offboarding the responsible actors. Offering up to $10K bounty of my personal funds for whistleblowers to… pic.twitter.com/NhZDubdU9R — ZachXBT (@zachxbt) April 18, 2026 Richard Teng: Binance will thoroughly investigate market misconduct Binance CEO Richard Teng replied directly to ZachXBT on X a few hours later, thanking him for flagging the issue to Binance and stating that the platform "will always do our part to investigate all market misconduct." Bitget also issued a statement, indicating that it is following up with an investigation. The phenomenon of RAVE surging from the bottom to the peak and then crashing is seen as a classic "pump and dump" pattern. The allegation of 90% supply concentration seems to align perfectly with the core conditions of this manipulation logic. Thanks for flagging this with us @zachxbt. We’re looking into it. We will always do our part to investigate all market misconduct. — Richard Teng (@_RichardTeng) April 18, 2026 RaveDAO denies manipulation: Unlocks were planned, not malicious dumping RaveDAO officially issued a statement last night, denying that the team participated in or manipulated recent price movements. The team explained that according to the token release schedule, they would sell a portion of unlocked tokens at appropriate times, with proceeds used for operations, global hiring, and marketing. In the statement, RaveDAO also revealed that it is exploring "price-triggered or performance-triggered lock-up mechanisms" linked to ecosystem growth, emphasizing that the goal is to ensure team incentives are aligned with community interests. RaveDAO is positioned as an infrastructure layer connecting Web3 with real-world music events and currently donates 20% of all event profits to charity, attempting to build a positive image. 1/ We are aware of the rumors and accusations circulating regarding $RAVE and RaveDAO team. We want to be clear: RaveDAO team is not engaged in, nor responsible for, recent price action. We take transparency seriously and remain humbled by the attention, but our focus is on the… — RaveDAO (@RaveDAO) April 18, 2026 However, the official statement failed to quell market concerns, and the price of the RAVE token continues to fall. For retail investors who entered at the highs of RAVE, a 90% drop is already a reality. Furthermore, if the investigation confirms market manipulation, the project will face pressure from exchanges to delist the token or take further risk control measures.

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