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ZachXBT accused the RaveDAO team of inflating and dumping the project’s token., 2026/04/19 12:44:23
Blockchain investigator ZachXBT has accused the Rave project team of orchestrating a pump and dump scheme involving the RAVE token. Approximately 90% of the total RAVE supply, which amounts to 1 billion tokens, is held in three Gnosis Safe multisig wallets associated with the project team, while only 24% of the tokens are in circulation, according to the anonymous detective.
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ZachXBT has offered a reward of $25,000 for information that could clarify the centralization of the project’s assets, which claims to be a decentralized organization.
The allegations emerged amid a significant increase in RAVE’s volatility. Over the course of nine days, the token’s price surged from $0.25 to $28, only to subsequently plummet. On Saturday, April 18, the price dropped to $3.47, marking an 84% decline in a single day and more than an 87% decrease from its peak, as reported by CoinGecko. By Sunday, the decline intensified: on the morning of April 19, RAVE was trading at $1.25, losing an additional 95.3% in just one day. Despite this, the token had appreciated by over 400% in the preceding two weeks.
On Sunday, the token’s market capitalization stood at $309.8 million, having more than halved in a day. At its peak, RAVE briefly entered the top 20 cryptocurrencies by market capitalization, surpassing Litecoin and Avalanche, according to CoinGecko.
Gracy Chen, CEO of Bitget, announced on social media platform X that an investigation into potential market manipulation has been initiated, while Binance CEO Richard Teng stated that the exchange is also looking into the matter.
The Rave team has denied the accusations. In a statement on X, they asserted that they “do not participate in and are not responsible for the recent price fluctuations.” Project representatives announced plans to sell a portion of the tokens to fund operational expenses, hire staff, engage in marketing, and support charitable initiatives. According to the RaveDAO team, the project is exploring the implementation of a token lock mechanism—potentially based on price triggers or performance—to “align incentives with the growth of the ecosystem.”
The Rave project was established in 2023 and positions itself as a Web3 platform for the live entertainment industry. The project offers concert tickets and community management tools for electronic music enthusiasts. Among its partners are Binance, Bitget, OKX, and Polygon.
Previously, Uniswap users attempted to legally demonstrate the involvement of this decentralized exchange in a pump and dump scheme, but the court dismissed the lawsuit.
