PANews reported on April 18th that blockchain detective ZachXBT published an article on the X platform stating that the pump-and-dump manipulation of the RAVE token ($RAVE) is suspected to originate from three centralized exchanges (CEXs): Bitget, Binance, and Gate. ZachXBT called on these CEXs to strengthen internal investigations and accountability, and to remove those responsible. ZachXBT stated that the manipulation may have been orchestrated by insiders who controlled over 90% of RAVE liquidity, thereby continuously exploiting retail investors.

In addition, ZachXBT announced that it will offer a reward of up to $10,000 to encourage anyone with information to anonymously submit relevant evidence to reveal the specific entities involved in the incident.