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$RAVE RAVE project team aggressively manipulated the market, resulting in over $37 million in liquidations. The project team may have profited over $30 million. ChainCatcher news reports that RAVE's spot price recently surged from $0.3 to $56.2, achieving approximately a 20-fold increase. The community suspects the project was involved in contract manipulation to harvest gains.
According to Coinglass data, this manipulation caused over $37 million in liquidations across the entire network, with short positions liquidated up to over $31 million. The project team is estimated to have earned over $30 million.
Community leaks reveal that the RAVE project was operated by the original teams of ARPA and Bella Protocol, with key figures Felix Xu and Yemu. Felix Xu raised a $20 million crypto fund, ZX Squared Capital, in 2021, mainly engaged in quantitative trading. The active market-making and price-raising funds for RAVE mainly came from this fund. The project team engaged in self-initiated projects, self-financing, and market-making to minimize trust friction and front-running risks, thereby maximizing profits.
ChainCatcher • 4 hours ago
RAVE