Bitget Investigates After ZachXBT Exposes RAVE Token Insider Manipulation

Bitget, along with Binance and Gate, investigates insider manipulation of the RAVE token after ZachXBT's exposé reveals potential pump and dump schemes.

In a shocking turn of events, Bitget , along with Binance and Gate, is now under scrutiny after prominent cryptocurrency investigator ZachXBT exposed rampant insider manipulation of the RAVE token. The news broke earlier today, compelling exchanges to take immediate action as the details unfold. What Did ZachXBT Discover? ZachXBT, known for his detailed on-chain investigations, has called out what appears to be a textbook case of pump and dump activity involving the RAVE token. His public accusation claims that insiders control over 90% of the token supply . To prompt whistleblowers to come forward, he has placed a $10,000 bounty on any information that could assist in the investigation. How Are Major Exchanges Responding? Following ZachXBT’s revelations, Bitget's CEO, Gracy Chen, confirmed that an investigation is already in progress regarding the RAVE token. "Thanks for highlighting! We’ve started investigating into $RAVE," Chen remarked, reaffirming Bitget's commitment to integrity within the trading environment. However, representatives from Binance and Gate have yet to respond publicly to the allegations. What Are the Mechanics Behind the Manipulation? The manipulation appears to have been highly orchestrated. Records show that wallets associated with the RaveDAO deployer transferred 18.58 million RAVE tokens to Bitget ahead of the price rally, all without any prior announcement or disclosure. Initially, the token was priced below $0.50 , but just ten hours after these transfers, a massive rally ensued. With approximately 74% of traders on Binance holding short positions , the insiders retracted 29.78 million tokens from Bitget . This strategic withdrawal eliminated selling pressure from the exchange, resulting in a short squeeze that saw RAVE’s price skyrocket from $0.27 to over $14 in just seven days—a staggering increase of more than 5,500% . What Do the Numbers Tell Us? Investigation into the RAVE token shows significant red flags. Intergovernmental Blockch