OKX founder Mingxing “Star” Xu boosts ZachXBT’s bounty on alleged $RAVE token manipulation to $25,000 after a 95% crash from roughly $26 to close $1 wipes out billions in worth.
OKX founder and CEO Star stated the change will contribute an extra $25,000 bounty to again on‑chain investigator ZachXBT’s probe into suspected market manipulation of the $RAVE token, including to the sleuth’s personal reward pool.
OKX joins hunt for $RAVE manipulators
In a submit amplifying ZachXBT’s thread on X, Star stated OKX’s “threat engine is monitoring the scenario carefully” and that the change would “assist any efforts to uncover insider abuse and defend customers,” aligning the platform with requires better accountability across the commerce.
ZachXBT has accused insiders of orchestrating a pump‑and‑dump in $RAVE, alleging that wallets tied to the workforce and early distribution managed over 90% of the token’s provide whereas retail merchants chased a meteoric rally. He wrote that “wallets linked to early distribution managed about 95% of $RAVE’s 1 billion token provide,” and stated giant transfers to exchanges earlier than the surge urged “blatant market manipulation” designed to dump tokens onto late consumers.
In accordance with information compiled by shops corresponding to CoinGape, $RAVE jumped from round $0.25 to roughly $27.33 in simply 9 to 11 days, a rise of about 10,800–11,000% that triggered roughly $44 million in liquidations, totally on brief positions. The vertical transfer pushed the token’s valuation towards roughly $6 billion earlier than a wave of promoting despatched the value down by round 95% to close $1, wiping out nearly $6 billion in paper market cap on lower than $52 million of liquidations.
In an in depth abstract on X, ZachXBT described the sample as “a textbook pump and dump,” arguing that such a mismatch between market worth misplaced and liquidations “will not be regular in a wholesome market construction.” He additionally stated he had contacted a RaveDAO co‑founder days earlier than going public however “acquired no response” and later raised his private bounty from $10,000 to $25,000 for whistleblowers with proof of insider wrongdoing.
Bitget CEO Gracy Chen publicly thanked ZachXBT “for highlighting” the problem and confirmed that Bitget had “began investigating into $RAVE,” whereas Binance and Gate acknowledged comparable evaluation requests as scrutiny intensified. RaveDAO, for its half, has denied participating in or being chargeable for the value motion, at the same time as exchanges and investigators now sift by on‑chain flows and order‑guide information to find out whether or not coordinated insiders turned $RAVE’s 11,000% run‑up into one in all crypto’s ugliest crashes of 2026.
