OKX Founder Mingxing “Star” Shu Increases ZachXBT’s Bounty for Suspicions $rave After a 95% crash from about $26 to nearly $1, billions of dollars in value were wiped out due to token manipulation up to $25,000.
OKX founder and CEO Starr said the exchange will provide an additional $25,000 in bounty to assist in the investigation of on-chain investigator ZachXBT into allegations of market manipulation. $rave tokens, added to the detective’s own reward pool.
OKX joins the hunt $rave manipulator
In a post expanding on ZachXBT’s thread on X, Starr said OKX’s “risk engine is closely monitoring the situation” and that the exchange “supports all efforts to uncover insider wrongdoing and protect users,” aligning the platform with calls for greater accountability around trading.
ZachXBT accused insiders of orchestrating pump-and-dump $raveclaims that the team and wallets associated with the initial distribution controlled over 90% of the token’s supply while retail traders chased its rapid rise. “Wallets associated with early distribution dominated about 95%,” he wrote. $rave1 billion token supply,” and said large transfers to exchanges before the surge suggested “blatant market manipulation” aimed at foisting tokens on late buyers.
According to data compiled by media such as CoinGape, $rave The stock soared from about $0.25 to about $27.33 in just 9 to 11 days, an increase of about 10,800 to 11,000%, and caused about $44 million in liquidations, mainly on short positions. This vertical movement pushed the token’s valuation to about $6 billion, but a wave of selling caused the price to drop by about 95% to nearly $1, wiping out about $6 billion in paper market capitalization with liquidations of less than $52 million.
In a detailed summary of the He also said he reached out to RaveDAO’s co-founders in the days before the listing, but “didn’t get a response,” and said he has since increased his personal reward for whistleblowers with evidence of insider wrongdoing from $10,000 to $25,000.
Bitget CEO Gracy Chen publicly thanked ZachXBT for “highlighting” the issue and confirmed that Bitget “has begun an investigation.” $raveMeanwhile, Binance and Gate acknowledged that they had received similar requests for review as scrutiny increased. RaveDAO, for its part, denies any involvement or responsibility for the price action, even as exchanges and investigators are currently reviewing on-chain flow and order book data to determine whether a coordinated insider initiated the trades. $rave’s 11,000% rise into one of crypto’s ugliest crashes of 2026.
