{"id":26414,"date":"2026-04-20T22:21:20","date_gmt":"2026-04-20T22:21:20","guid":{"rendered":"https:\/\/bitunikey.com\/news\/exchanges-face-heat-as-okx-funds-zachxbt-probe-into-95-rave-crash\/"},"modified":"2026-04-20T22:21:40","modified_gmt":"2026-04-20T22:21:40","slug":"exchanges-face-heat-as-okx-funds-zachxbt-probe-into-95-rave-crash","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/exchanges-face-heat-as-okx-funds-zachxbt-probe-into-95-rave-crash\/","title":{"rendered":"Exchanges face heat as OKX funds ZachXBT probe into 95% RAVE crash"},"content":{"rendered":"

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OKX founder Mingxing \u201cStar\u201d Xu boosts ZachXBT\u2019s bounty on alleged RAVE token manipulation to $25,000 after a 95% crash from roughly $26 to near $1 wipes out billions in value.<\/p>\n

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\n Summary<\/span>\n <\/div>\n
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    \n
  • OKX founder Star pledged an extra $25,000 to support ZachXBT\u2019s investigation into suspected insider manipulation around the RAVE token.<\/li>\n
  • RAVE crashed about 95% from roughly $26 to near $1 in under two days, erasing billions in market capitalization after an 11,000% rally.<\/li>\n
  • ZachXBT says insiders controlled about 90\u201395% of supply and has urged Binance, Bitget and Gate to conduct internal probes and punish any employees involved.<\/li>\n<\/ul><\/div>\n<\/div>\n

    <\/p>\n

    OKX founder and CEO Star said the exchange will contribute an additional $25,000 bounty to back on\u2011chain investigator ZachXBT\u2019s probe into suspected market manipulation of the RAVE token, adding to the sleuth\u2019s own reward pool. <\/p>\n

    OKX joins hunt for RAVE manipulators<\/h2>\n

    In a post amplifying ZachXBT\u2019s thread on X, Star said OKX\u2019s \u201crisk engine is monitoring the situation closely\u201d and that the exchange would \u201csupport any efforts to uncover insider abuse and protect users,\u201d aligning the platform with calls for greater accountability around the trade.<\/p>\n

    ZachXBT has accused insiders of orchestrating a pump\u2011and\u2011dump in RAVE, alleging that wallets tied to the team and early distribution controlled over 90% of the token\u2019s supply while retail traders chased a meteoric rally. He wrote that \u201cwallets linked to early distribution controlled about 95% of RAVE\u2019s 1 billion token supply,\u201d and said large transfers to exchanges before the surge suggested \u201cblatant market manipulation\u201d designed to offload tokens onto late buyers.<\/p>\n

    RAVE\u2019s 11,000% surge and 95% crash<\/h1>\n

    According to data compiled by outlets such as CoinGape, RAVE jumped from around $0.25 to roughly $27.33 in just nine to 11 days, an increase of about 10,800\u201311,000% that triggered roughly $44 million in liquidations, mostly on short positions. The vertical move pushed the token\u2019s valuation toward approximately $6 billion before a wave of selling sent the price down by around 95% to near $1, wiping out almost $6 billion in paper market cap on less than $52 million of liquidations.<\/p>\n

    In a detailed summary on X, ZachXBT described the pattern as \u201ca textbook pump and dump,\u201d arguing that such a mismatch between market value lost and liquidations \u201cis not normal in a healthy market structure.\u201d He also said he had contacted a RaveDAO co\u2011founder days before going public but \u201creceived no response\u201d and later raised his personal bounty from $10,000 to $25,000 for whistleblowers with proof of insider wrongdoing.<\/p>\n

    <\/p>\n

    Bitget CEO Gracy Chen publicly thanked ZachXBT \u201cfor highlighting\u201d the issue and confirmed that Bitget had \u201cstarted investigating into $RAVE,\u201d while Binance and Gate acknowledged similar review requests as scrutiny intensified. RaveDAO, for its part, has denied engaging in or being responsible for the price action, even as exchanges and investigators now sift through on\u2011chain flows and order\u2011book data to determine whether coordinated insiders turned RAVE\u2019s 11,000% run\u2011up into one of crypto\u2019s ugliest crashes of 2026.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    OKX founder Mingxing \u201cStar\u201d Xu boosts ZachXBT\u2019s bounty on alleged RAVE token manipulation to $25,000 after a 95% crash from roughly $26 to near $1 wipes out billions in value.…<\/p>\n","protected":false},"author":1,"featured_media":11452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/26414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=26414"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/26414\/revisions"}],"predecessor-version":[{"id":26415,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/26414\/revisions\/26415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/11452"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=26414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=26414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=26414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}