RaveDAO denies manipulation as Binance, Bitget probe RAVE trading activity

2 days ago

RaveDAO has denied immoderate relation successful the caller surge and crisp illness of its RAVE token, arsenic large crypto exchanges unfastened probes into trading enactment pursuing allegations of marketplace manipulation.

In a thread posted connected X, the task said it was “not engaged in, nor liable for, caller terms action,” responding to mounting scrutiny aft RAVE soared from astir $0.25 to astir $28 wrong days earlier plunging much than 80%.

The denial comes arsenic onchain researcher ZachXBT accused the task of orchestrating a pump-and-dump scheme, pointing to concentrated token holdings and suspicious speech flows. He claimed that much than 90% of the token proviso whitethorn beryllium controlled by insiders, calling connected exchanges to instrumentality action.

Both Binance and Bitget confirmed they are reviewing the situation. “We’re looking into it,” Binance CEO Richard Teng wrote, portion Bitget CEO Gracy Chen said the speech had “started investigating” RAVE trading activity.

RaveDAO plans token income to money growth

RaveDAO besides outlined plans to merchantability portions of unlocked tokens to money operations, selling and hiring. The squad said it is exploring “price-triggered oregon performance-triggered locks” to amended align incentives.

“Building a question requires resources,” the task wrote, adding it aims to bash truthful “sustainably and transparently.”

RaveDAO is simply a Web3-based amusement task that combines physics euphony events with blockchain technology, aiming to onboard users into crypto done real-world experiences similar festivals and parties. It operates arsenic a decentralized assemblage wherever attendees person NFTs for participation, portion its RAVE token is utilized for governance, ticketing and entree to events.

At the clip of writing, RAVE is trading astatine $1.36, down by 94.95% implicit the past day, according to information from CoinMarketCap.

DeFi hacks surge successful April

As Cointelegraph reported, much than a twelve DeFi protocols and crypto firms have been deed by exploits successful conscionable implicit 2 weeks, starting with the massive $280 cardinal Drift Protocol onslaught connected April 1.

Other affected projects see CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, on with exchanges and liquidity pools crossed aggregate chains. The attacks scope from astute declaration bugs and oracle manipulation to entree power failures and liquidity excavation exploits.

Magazine: Bitcoin whitethorn instrumentality 7 years to upgrade to post-quantum — BIP-360 co-author

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