Gate News message, April 27 — RAVE, the native token of RaveDAO (a Web3-based cultural community project), skyrocketed 110x in two weeks before plummeting 98% over two days on April 19-20, prompting comparisons to the infamous 2007 Lubo stock manipulation scandal in South Korea.
On April 18, RAVE reached $28 on CoinGecko, but the dramatic surge lacked clear fundamental reasons, drawing scrutiny from the crypto community. The token is listed on multiple major global crypto exchanges, attracting domestic users who trade on international platforms. However, on April 19, on-chain analyst JackXBT published findings showing that 9 wallets controlled 95% of RAVE’s total supply, with 6 wallets alone holding 96.6%. JackXBT noted the surge occurred after RAVE’s listings and flagged suspicious trading activity between team-related wallets and centralized exchanges, offering a $10,000 bounty for concrete evidence of manipulation.
Following JackXBT’s analysis, major exchanges announced investigations into potential market manipulation, triggering the token’s sharp collapse. Song Chang-seok, Web3 director at Blob, told Digital Asset that while concentrated wallet holdings have caused price manipulation before, a 110x rally followed by a 98% crash in just two days is unprecedented. He compared the incident to the Lubo scandal, where stock manipulators artificially inflated prices before prosecutors intervened and prices crashed.
Experts highlight a critical issue: on-chain data transparently shows wallet concentration, yet global exchanges failed to detect or prevent the manipulation before listing RAVE. Unlike traditional stock markets, crypto assets lack unified regulatory oversight—projects originate overseas, exchanges operate from tax havens or multiple jurisdictions, and users span the globe. Lawyer Gary Dwell emphasized that major exchanges need common standards to verify token distribution, insider wallets, and market-maker activity before and after listing, plus immediate disclosure of suspicious trading to prevent future RAVE-like incidents.
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