Crypto Exchange Manipulation Concerns Rise After RAVE Token Collapse
- RAVE token fell by 95% from $26 to $1 within hours after entering the top 15 market cap.
- Investigator ZachXBT linked the collapse to concentrated supply and questionable trading activity on major exchanges.
- ZachXBT urged Binance, Bitget, and Gate to investigate potential manipulation, offering a bounty that increased from $10,000 to $25,000.
- SIREN token showed extreme supply concentration with a single cluster controlling half the supply across multiple wallets.
- Concerns extend beyond RAVE, affecting other tokens like MYX and COAI due to structural weaknesses and oversight issues.
The rapid decline of the RAVE token highlights significant concerns over market manipulation on centralized exchanges, emphasizing the need for quicker intervention to protect retail investors from absorbing losses while platforms benefit from trading volume fees.
ZachXBT’s investigation into RAVE’s collapse underscores broader vulnerabilities in the crypto market structure, with similar risks identified in other tokens like SIREN and MYX due to their concentrated supply or governance issues. Source)
