OKX Boosts Bounty Amid Investigation into RAVE Token Market Manipulation
OKX has increased the bounty for information on alleged RAVE token manipulation to $25,000 following a 95% price crash. This incident has raised significant concerns about market integrity and accountability in the cryptocurrency sector.
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OKX has announced a $25,000 bounty to support ZachXBT's investigation into potential market manipulation of the RAVE token after a dramatic price decline of approximately 95%, from about $26 to near $1. The rise of RAVE from around $0.25 to roughly $27.33 in less than two weeks, an increase of nearly 11,000%, led to significant liquidations, estimated at $44 million, predominantly affecting short positions.
ZachXBT has accused insiders of executing a pump-and-dump scheme, asserting that wallets linked to the RAVE team controlled over 90% of the token's supply. Exchanges including Bitget, Binance, and Gate have initiated their own investigations as scrutiny surrounding RAVE intensifies. This situation underscores potential risks related to market manipulation and investor protection in the cryptocurrency industry.
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