"RAVE plunged more than 60% from its high as Binance and Bitget began reviewing the claims. The selloff unfolded rapidly, with price action confirming a disorderly unwind across major trading venues."
"ZachXBT asserted on social media platform X: Pump and dump activity for $RAVE originated on @Bitget @Binance @Gate. He called on exchange leadership to strengthen internal controls, initiate formal probes, and remove any actors linked to the activity."
"The allegations also highlighted that insiders controlled more than 90% of RAVE support, raising concerns over price influence and retail exposure."
RAVE token experienced a sharp decline, dropping over 60% from its peak, highlighting extreme volatility in low-liquidity markets. Binance and Bitget initiated investigations into potential manipulation and pump-and-dump schemes. Allegations surfaced regarding coordinated trading behavior across exchanges, with insiders reportedly controlling over 90% of RAVE support. The rapid selloff underscored the fragility of price structures in such environments, prompting calls for stronger internal controls and scrutiny from exchange leadership to prevent further market manipulation.
Read at news.bitcoin.com
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