RaveDAO
Last changed 2026-10-16 · Community evidence — A moderator accepted a piece of community-submitted evidence: news.bitcoin.com confirms ZachXBT named Bitget founder Shawn Liu as a behind-the-scenes enabler of manipulation involving RAVE, RIVER, SIREN and LAB, and that RAVE initially crashed 68% as Binance and Bitget opened investigations, matching the note exactly. Trust score now 25. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -58 |
| Concerns that are not fraud | -12 |
| Problems around it, caused by others | -3.3 |
| Long-running | +4 |
| Sum | -4 |
- No established finding that it defrauded anyone, so it stays out of the red band (26 or above).
Score: 25/100 (kept between 0 and 100)
How scoring works →Summary
RaveDAO is a Web3 entertainment protocol that markets itself as a community bridging electronic dance music culture with blockchain-based ticketing, governance, and event access. Its native token, RAVE, launched on Binance Alpha in December 2025 and experienced a ~10,800% price surge in April 2026 before collapsing approximately 95% within 48 hours amid substantial on-chain evidence of insider supply control and an alleged coordinated 'bait and liquidate' short-squeeze scheme. Binance, Bitget, and Gate.io opened formal investigations; on-chain investigator ZachXBT publicly accused the project's affiliated insiders of engineering the rally and named RAVE as part of a broader pattern of Bitget-enabled market-maker fraud.
Connected Entities
9 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Bitcoin(65%)
- ZachXBT→mentioned with→Kraken(60%)
- ZachXBT→mentioned with→Binance(60%)
- Binance→mentioned with→Ethereum(65%)
- Aster (ASTER)→mentioned with→Ethereum(70%)
- Aster (ASTER)→mentioned with→Binance(80%)
- Shawn Liu→mentioned with→ZachXBT(70%)
- Shawn Liu→mentioned with→Bitget(80%)
- + 12 more
Connected Through
8 shared actors · 569 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Bitcointoken
- □Binanceorganization
Community submissions
- https://news.bitcoin.com/zachxbt-bitget-supply-control-manipulation-rave-river-siren-lab-2026/(news.bitcoin.com)
“[Scout] ZachXBT named Bitget founder Shawn Liu as a behind-the-scenes enabler of market-manipulation schemes involving tokens including RAVE, RIVER, SIREN and LAB. RAVE crashed 68% as Binance and Bitget launched separate investigations into the manipulation claims.”
— avoid-scout(unverified)
2 submissions awaiting moderator review.
Timeline(12 events)
November 2023
RaveDAO originates as a 200-person afterparty during a crypto conference in Istanbul.
ChangeNow Blog / Phemex12 December 2025
RAVE token launches on Binance Alpha and simultaneous listings on Binance, Bitget, MEXC, Gate.io, Kraken, WEEX, and Aster DEX. Opening price approximately $0.14–$0.58; trading volume exceeds $260 million within 24 hours. All-time low recorded at approximately $0.1428.
CoinGecko / Phemex / Hokanews9 April 2026
Approximately 18.58 million RAVE tokens transferred from wallets linked to the initial token distribution to Bitget deposit addresses. RAVE is trading below $0.50.
Phemex / CoinDesk10 April 2026
Spot price begins to accelerate upward; approximately $32 million in RAVE is withdrawn back on-chain over the following two days, removing apparent sell-side liquidity and triggering cascading short liquidations.
Phemex / AInvest13 April 2026
RAVE has surged from approximately $0.25 to above $14 in roughly one week — a gain of more than 5,600%. CoinDesk publishes first major coverage of the rally. Open interest in RAVE futures exceeds $200 million.
CoinDesk14 April 2026
RAVE futures liquidations reach approximately $43–$44 million in a single 24-hour period, placing RAVE third behind only Bitcoin and Ethereum in daily liquidation volume. Short liquidations comprise approximately $17–$21.72 million.
CoinDesk / KuCoin Blog18 April 2026
RAVE reaches its all-time high of approximately $27.33–$27.94, briefly producing a fully diluted valuation exceeding $6 billion. ZachXBT publishes investigation alleging insider-controlled supply manipulation and a 'bait and liquidate' scheme. RAVE begins a sharp reversal. Binance CEO Richard Teng and Bitget CEO Gracy Chen both publicly announce investigations. Gate.io also opens a review.
CoinDesk / CoinTelegraph / The Block19 April 2026
RAVE collapses approximately 90% in a single day, erasing roughly $5.7 billion in market capitalization. Price falls to approximately $1.36. RaveDAO issues a six-part denial thread on X stating the team is 'not engaged in, nor responsible for, recent price action.'
CoinDesk / CoinTelegraph20 April 2026
ZachXBT follows up, stating that an address used for RAVE's 'initial distribution' transferred approximately $23 million worth of RAVE to two Bitget deposit addresses, causing a 40% additional price drop from approximately $1 to $0.60. ZachXBT states the team 'at minimum knows who is responsible' and posts a $10,000 bounty for whistleblower evidence.
CoinDesk21 April 2026
RAVE has fallen approximately 95% from its all-time high. Community bounty raised to approximately $25,000 for proof of manipulation. ZachXBT criticizes Binance, Bitget, and Gate.io for being 'too slow to react.'
Protos / Disruption Banking / CryptoPotatoMay 2026
ZachXBT names RAVE alongside RIVER, SIREN, and LAB as victims of Bitget-enabled market maker fraud, describing a coordinated playbook deployed across multiple tokens by an unknown market maker. He names Bitget chairman Shawn Liu as alleged behind-the-scenes enabler and characterizes the network as a 'Chinese CEX cartel.'
Bitcoin.com News / The Block4 June 2026
RAVE trades at approximately $0.39–$0.82 (sources vary), representing a decline of approximately 97–99% from its all-time high. Market capitalization approximately $97–$115 million. No formal regulatory enforcement action against RaveDAO or its founders has been publicly announced.
CoinGecko / CoinMarketCapDecision Log
- slot 457663081 · hash 5fwD56fRN2hWYG1iVzktwSUFVu9LMsRaMWxqsT5d2V9G
- slot 455359171 · hash E1kdnNb2azxo3i5LqqCjuZwE55EXfoiBYoa3ray3188N
- slot 425419137 · hash 3PxCGfLjM6oyh4ztMbMQaGy1dm2oFqV2eZx1R35VVY91
- slot 425419130 · hash Dscroas6njKr6i1RZU5YWiCjesqtmxmKR6vj6cn6BTzm
- slot 423884814 · hash 75zkaWQEMCtgZ9NUQFXKeUsHuGauJwadZzg7qHmy7F3Q
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/2/2026, 8:47:18 PM
last updated: 10/16/2026, 2:00:08 PM
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