RaveDAO’s RAVE token collapses 90% in a day as exchange probes widen
Digital forensics
Digital forensics The token traded at $1.15 on Sunday, down from a $27.33 peak on Friday, wiping out more than $5 billion in market cap as investigations into Binance and Bitget reach.
Up up to now Apr 19, 2026, 3:Forty eight p.m. Printed Apr 19, 2026, 2:28 p.m.
Three wallets, one denial, and $5.7 billion in market cap long gone in Forty eight hours.
RaveDAO’s RAVE crashed by 90% over 24 hours after crypto exchanges Binance and Bitget opened investigations into buying and selling process that catapulted the token to a $6 billion market cap final week.
Bitget CEO Gracy Chen confirmed the probe on X, and Binance co-CEO Richard Teng therefore said the exchange develop into as soon as reviewing the subject and would “always” carry out its share to observe indicators of market misconduct. Gate.io develop into as soon as additionally named in the distinctive allegations from onchain investigator ZachXBT, who has supplied a $25,000 bounty for whistleblowers with evidence of the events eager.
The give scheme accelerated after the project’s Saturday denial in preference to stabilizing on it.
RaveDAO posted a six-share X thread bringing up the crew “is not engaged in, nor responsible for, recent price action.”
The thread did no longer address any of the actual onchain allegations that brought on the scrutiny, at the side of the concentration of roughly 90% of the 1 billion RAVE provide across three Gnosis Protected multi-signature wallets attributed to the crew, or the tens of millions of tokens transferred to exchanges shortly sooner than the rally started.
The customary rally took RAVE from about $0.25 to $27.33 in nine days, a 10,800% transfer that caused $44 million in liquidations on Friday, true at the again of bitcoin and ether, with the majority of them from rapid sellers positioned in opposition to the token.
Investigators flagged a “bait and liquidate” pattern thru which seen token transfers to exchanges urged incoming sell tension, drawing traders into rapid positions sooner than these tokens were withdrawn and costs ripped increased, forcing shorts to duvet at incessantly worse ranges.
RaveDAO affords itself as a Web3 leisure platform offering onchain ticketing for electronic tune events, tracing its origins to a 2023 Istanbul afterparty. The project reported about $3 million in 2025 earnings and lists partnerships with Binance, OKX, Bitget, and Polygon.
RaveDAO’s thread did verify the crew plans to “liquidate portions of unlocked tokens” when appropriate to fund operations and marketing, and said it develop into as soon as “exploring appropriate models, including price-triggered or performance-triggered locks, that tie team incentives to ecosystem growth.”
It did no longer commit to any particular lockup mechanism or timeline, on the opposite hand.
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