RaveDAO has denied any position within the latest surge and sharp collapse of its RAVE token, as main crypto exchanges open probes into buying and selling exercise following allegations of market manipulation.
In a thread posted on X, the undertaking mentioned it was “not engaged in, nor accountable for, latest worth motion,” responding to mounting scrutiny after RAVE soared from roughly $0.25 to just about $28 inside days earlier than plunging greater than 80%.
The denial comes as onchain investigator ZachXBT accused the undertaking of orchestrating a pump-and-dump scheme, pointing to concentrated token holdings and suspicious alternate flows. He claimed that greater than 90% of the token provide could also be managed by insiders, calling on exchanges to take motion.
Each Binance and Bitget confirmed they’re reviewing the scenario. “We’re trying into it,” Binance CEO Richard Teng wrotewhereas Bitget CEO Gracy Chen said the alternate had “began investigating” RAVE buying and selling exercise.
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RaveDAO plans token gross sales to fund progress
RaveDAO additionally outlined plans to promote parts of unlocked tokens to fund operations, advertising and hiring. The crew mentioned it’s exploring “price-triggered or performance-triggered locks” to higher align incentives.
“Constructing a motion requires assets,” the undertaking wrote, including it goals to take action “sustainably and transparently.”
RaveDAO is a Web3-based leisure undertaking that mixes digital music occasions with blockchain know-how, aiming to onboard customers into crypto by means of real-world experiences like festivals and events. It operates as a decentralized neighborhood the place attendees obtain NFTs for participation, whereas its RAVE token is used for governance, ticketing and entry to occasions.
On the time of writing, RAVE is buying and selling at $1.36, down by 94.95% over the previous day, according to knowledge from CoinMarketCap.
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DeFi hacks surge in April
As Cointelegraph reported, greater than a dozen DeFi protocols and crypto corporations have been hit by exploits in simply over two weeks, beginning with the massive $280 million Drift Protocol assault on April 1.
Different affected tasks embody CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, together with exchanges and liquidity swimming pools throughout a number of chains. The assaults vary from good contract bugs and oracle manipulation to entry management failures and liquidity pool exploits.
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