As major cryptocurrency exchanges investigate trading after accusations of market manipulation, RaveDAO denied that it played any part in the recent rise and sudden collapse of its token RAVE.
Thread posted The project stated that it would be X. “not engaged in, nor responsible for, recent price action,” RAVE’s price soared in a matter of days from $0.25 up to $28, before plummeting by more than 80%.
Onchain Investigator ZachXBT accused The scheme was orchestrated by a group of insiders, who possessed a large number of tokens. They also had suspicious flows in exchange. He stated that more than 90 percent of tokens could be under the control of insiders and called for exchanges to act.
Binance as well Bitget have confirmed that they will be reviewing the situation. “We’re looking into it,” Binance CEO Richard Teng wroteGracy Chen is the Bitget CEO said The exchange was “started investigating” Trade RAVE is a trading activity.
Related: Study finds almost no crypto protocols disclose market-maker terms
RaveDAO will sell tokens to raise money for growth
RaveDAO plans on selling portions of the unlocked tokens in order to raise money for operations, marketing, and staffing. The team stated that they are exploring “price-triggered or performance-triggered locks” Aligning incentives is a good way to improve the alignment.
“Building a movement requires resources,” The project aims at achieving this, it wrote. “sustainably and transparently.”
RaveDAO, an entertainment Web3 project, is designed to introduce users to crypto by combining electronic music festivals with blockchain technologies. Participants receive NFTs in exchange for their participation. RAVE is the token used for ticketing, governance and event access.
RAVE, at the time this article is written, has fallen by 95.99% in one day. according Data from CoinMarketCap
Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO
Hacking of DeFi devices increases in April
Cointelegraph recently reported on more than a dozen DeFi protocol and crypto firms have been hit by exploits Start your journey in less than two weeks with the massive $280 million Drift Protocol attack on April 1.
Aethir Finance, Silo Finance (CoW Swap), Aethir Finance, Aethir Finance, Rhea Finance as well exchanges, liquidity pools and multiple chains are all affected. Attacks range from oracle and smart contract bugs to liquidity pool and access control flaws.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
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Source: cointelegraph.com
