ZachXBT post detonates RAVE near zero, the insider's truth geometry
By Zhou, ChainCatcher
THIS MONTH, ANOTHER SUSPECTED CURRENCY-RIGGING INCIDENT SURFACED IN THE ENCRYPTION MARKETApproximatelyThe start-up of US$ 0.25 jumped to about US$ 26 to 28 in just ten days, with a market value of over US$ 6 billion and a short push into the top 20 worldwide。
Subsequently, the chain detective ZachXBT posted allegations of insider manipulation and called on three head exchanges to intervene in the investigation。
BY THE TIME IT WAS SENT, RAVE HAD FALLEN TO AROUND 0.5 DOLLARS, DOWN BY MORE THAN 98 PER CENT FROM THE PEAK MARKET VALUE6+$ billion shrunk to about 1.ThreeBillion dollar scale。
What's going on behind this boom and fall
Timeline: From a surge to a 95% crash
RAVE is the original token for the RAVEDAO project. The project is located in the area of entertainment under the Web3 line and works to bring electronic music events to the world through block chain technology. Users can purchase tickets in RAVE tokens, participate in governance, and project parties regularly organize offline events in Singapore, Dubai and Hong Kong。
The chain data show that the wallets associated with the projecter ' s deployer transferred a large amount of RAVE coins to Bitget about 10 hours before the start of the price, at a time when the price was still below US$ 0.5, without any official announcement or information disclosure。
At the same time, about 74 percent of Binance's traders have empty positions, and the market generally does not appreciate this thinly liquid token。
Subsequently, the insiders removed the coins that had been deposited in Bitget, and the exchange pressure disappeared instantly. The empty people who lost their opponent began to be forced to flatten, and every minute the price rises, more empty people are stepped out of the game, creating a mechanical buy-in cascade effect。
FROM APRIL 8TH TO APRIL 18TH, RAVE COMPLETED FROM US$ 0.25 TO ABOUT US$ 26RiseShitTravel, with an increase of over 1000 per cent and a single-day settlement of the derivatives market of $44 million, second only to Bitcoin and Ethera。
According to the ZachXBT timeline, he sent a private letter on April 13 to the RaveDAO Consortium, which was read eight hours later and did not reply。
On 18 April, at 0726 hours (UTC), ZachXBT made a public announcement on platform X, accusing RAVE of insider manipulation and calling on the platforms to initiate an internal investigation by naming the three exchanges Bitget, Binance and Gate。
HE LISTED IN THE POST NINE WALLET ADDRESSES RELATED TO THE INITIAL DISTRIBUTION OF TOKENS, STATING THAT THEY TOGETHER CONTROLLED THE SUPPLY OF ABOUT 95 PER CENT OF RAVE AND RESTORED THE COMPLETE TRANSFER CHAIN BEFORE THE ZIPPING, POINTING OUT THAT IT WAS A TYPICAL "GUILTY-FLOWING" OPERATION。
BesidesI don't knowZachXBT, with $10,000 in his own pocket, encouraged the insider to provide evidence, which was added to $25,000, and declared that he had no RAVE hold。
The day after the post was issued, there was an intensive response。
- At 1118 hours, Bitget CEO Grace Chen was the first to confirm that an internal investigation had been launched and replied, "Thank you, we have started an investigation into RAVE."。
- At 1408 hours, Binance CEO Richard Teng followed up by stating that "we are investigating and will review all market misconduct as usual"。
- At 1506 hours, RaveDAO officially issued a disclaimer。
- At 1619 hours, Kevin Lee of Gate also announced a review emphasizing "user protection priority"。
The fastness of the three exchanges has in some way accelerated the collapse of market confidenceI don't knowCurrentRAVEIt's down to around 0.5 dollars, down by more than 98%。
PictureSource:RootData
Project response and community challenge
What makes the community more angry is the content of statements made by the projecters during the crash。
RAVEDAO, in a series of denial tweets, made it clear that the team was not involved in price manipulation, stressed that the long-term mission of the project was to promote its adoption in the chain of live broadcasting and music, and planned to explore mechanisms of currency lock-in triggered by price or performance, with a view to using part of the profits of its activities for operations, marketing and charitable donations。
The statement did not respond directly to any specific chain allegations made by ZachXBTI don't knowResultCommunityCommentsThe sound of sarcasm is almost one-sided。
In a follow-up update, ZachXBT states that after the crash, the team's multiple-signatured address continued to be deposited into Bitget with a large amount of RAVE, with the price falling again by about 40 per cent, and the current set has not stopped。
BesidesI don't knowZachXBTAnd..THE CHARGES LISTED A NUMBER OF PROJECTS WITH SIMILAR SUSPECTED ABNORMAL PRICE BEHAVIOUR, SUCH AS SIREN, MYX, COAI, PIPPIN, SUGGESTING THAT THIS COULD BE A REPLICABLE SET OF MANOEUVRE TEMPLATES。
Source:ZachXBTPushContents
During the events, there was also a rumour in the community. According to a letter from X user @qg7777, the RAVE team was taken away by the police at the party, except Felix Xu himself, and suggested that the project might involve telecommunications fraud。But..To date, these statements have not been confirmed by police announcements or mainstream media。
Team background surfaced
As the events fermented, the project team background was dug deep in the community。
According to well-known encrypted KOL @FabianoSola, the core figure behind RaveDao is three。
- Seo Mo YiFelix Xu (@felixmxu):RAVEDAOThe co-founder, Graduated from the Stern Business School of New York University, was elected to the Forbes Asian 30-year-old elite list, after the creation of ARPA Chain and Bella Protocol, as well as the creation of the Quantified hedge fund ZX Squared Capital, supported by Binance Labs (now YZi Labs)。
PictureSource:RootData
- Yemu Xu (@wildwoodmoo): Core contributor, long-term partner of Felix (co-founder of several projects). For RAVE, the project is deliberately anonymous and almost no longer appears on the X platform after February。
- Ronald Elliot Yung (@elliot yung): External spokesman for media interviews。
Image Source:XUser@FabianoSolana
THE COMMUNITY SEES RAVE AS THE THIRD PROJECT OF THE TEAM, QUESTIONING THE FOCUS OF THE VOICES: HOW CAN THE SUPPLY BE SO CONCENTRATED“..OrganicIt's not the sameGo to 60+A billion-dollar market value
IT SHOULD BE NOTED THAT ON THE DAY OF THE CRASH, THE PROJECT OWNER ORGANIZED A SIDE EVENT AT THE HONG KONG 100-YEAR-OLD LOTUS BUILDING, A TRADITIONAL SNACK BUILDING DURING THE DAY, WHICH WAS TURNED INTO A DJ PARTY SITE AT NIGHT, AND IT WAS KNOWN THAT MANY OF THE PARTICIPANTS WERE USERS OF THE NON-ENCRYPTIST INDUSTRY FOR PAYMENT. A LOT OF PEOPLE ARE SAYING IT'S "AFTER DELIVERY."。
Exchange role-induced thinking
The investigative attitude of the three exchanges is positive, but one question also needs to be asked。
The Felix Xu team has previously recorded two public records of the highly concentrated and unusually low distribution of RAF coins, which are publicly accessible information on the chain. Should these problems be identified by a compliance exchange during the review of currencies
The main sources of revenue for an encrypted exchange include fees and charges. A highly volatile, heat-intensive token would bring considerable trade to the platform. Does this business logic constitute an inherent motivation to turn a blind eye to potential risks
While the rapid response of exchange leaders like Gracie Chen and Richard Teng is positive, "We're investigating" is only the beginning, not the final answer. The losses already sustained by the family are not automatically returned as a result of the initiation of the investigation。
In this oneA farceMediumI don't knowBut..OneIndividualZachXBT plays some kind of public oversight role in the regulatory vacuum. This also exposes the other side of the market: where are the investor protection mechanisms for the encrypted market when an anonymous detective post is more effective than institutional protection
However, ZachXBT itself is also controversial. The well-known encrypted KOL @jason chen998, who stated that ZachXBT had been dubbed as a righteous advocate of the money ring, but that it had been difficult to justify its so-called righteous after the clean-up of its own coins for approximately $5 million, and the events in Polymarket. It is neither fair nor realistic to place the hope of market justice entirely on an individual。
KNOWN ENCRYPTIONLionBrotherOrganisationI don't knowThis time, ZachXBT came out because the RAVE scale had clearly crossed the border. He pointed out that in the past there had been similar marketing projects such as Myx, River, Siren and so on, and that operators usually stopped at their own initiative to maintain some sort of agreement when the profits were close. The problem with RAVE is that greed is far greater than practice, and allowing such behaviour to spread could pose greater systemic risks to the entire market。
Maybe the encryption market really needsI don't knowTranslating what ZachXBT does into institutional arrangements: stricter standards for currency review, more transparent disclosure of token distribution information, and more binding mechanisms for continuous monitoring of exchanges. Only in this way, extreme fluctuations similar to the RAVE pattern can be better controlled from the root causes。
The events are still evolving and the results of the investigations deserve continued attention. For ordinary investors, such cases again remind that a careful look at the circulation ratio, team background and locking arrangements in the context of participation in new, highly volatile projects has always been key to protecting their assets。
