Related Articles
In a $RAVE (the native utility and governance token of RaveDAO), on-chain investigator ZachXBT is offering $25,000 bounty for information related to the allegations in $RAAVE — “A web3 entertainment project linking music festivals with blockchain-based community participation” that connects dance festivals.
ZachXBT accused the project of being connected to a pump-and-dump scheme, with most supply coming from insiders in an interview on X on Saturday. In the wake of the blockchain sleuth, crypto exchanges Binance, Bitget and Gate were called for by the cryptocurrency. to look at the activity and take action, io for .
Pump and dump activity for $RAVE originated on @bitget @binance @Gate
Call to action for both @heyibinance @GracyBitget to do better and launch internal investigation offboarding the responsible actors.
Offering up to $10K bounty of my personal funds for whistleblowers to… pic.twitter.com/NhZDubdU9R
ZachXBT (@zachxbt) April 18, 2026
Update: I am increasing the $RAVE bounty to $25K due to contributions from other community members.
Keep applying pressure to exchanges so they address the market manipulation. pic.twitter.com/UChKYuZvYK
ZachXBT (@zachxbt) April 18, 2026
ZachXBT said he expects exchanges to conduct internal reviews and publish clear findings on those who are behind it. His commentators said that “the tokens associated with crime harm the industry’s credibility.”
Responding to ZachXBT’s call, Bitget CEO Gracy Chen said the team had initiated an investigation into the token.
Price action
over the month and soared sharply higher, $RAVE went up for $1. This ‘ballading’ from $0, according to data from CoinMarketCap. between April 1 and May 15, 25 to $18 before easing and then resurging.
When first rally, the project’s official account issued a short-lived warning during the volatility users were encouraged to “remain aware of the risks associated with” and use caution with leverage.
In the past week, $RAVE rallied 1,200%, rising from $2.1 to approximately $28.
The market capitalization of the token was as high at one point on Saturday as $6 per cent for the coin. A total of 7 billion (shortly overtaking Litecoin (LTC) and Avalanche (AVAX) in the rankings, just above litecoine (the LTC), as well as A ValanCHE (avalanthex) were also listed.
Following ZachXBT’s statements, $RAVE crashed 24% to under $13.
Project’s background
RaveDAO has evolved from a small 200-person crypto afterparty and to an initiative linking live music events with blockchain-based participation in the development of RavEDAo, which was founded in late 2023.
The project’s MiCAR White Paper lists Wildwood Xu as its director and Ronald Yung as one of the key leaders.
Some crypto-communists have identified possible links between RaveDAO and ZX Capital and people associated with Bella Protocol. These statements have yet to be confirmed as unsubstantiated.
It reports tens of thousands of community members and more than 70,000 NFT tickets issued on-chain, as well as over 100,000 total participants across 20-plus events in Singapore, Dubai, Amsterdam and Hong Kong. The events are based on major electronic music artists and use a proof-of-attendance model to track engagement and rewards.
RaveDAO also runs “Rave for Light” – a charity program that allocates some of the proceeds from events to social projects. By 2025 it funded cataract surgery in Nepal, which was a support for education-focused programs through Nalanda West.
Thanks for reading ZachXBT alleges RaveDAO misconduct as RAVE token explodes 1200%
