PANews reported on April 18 that, according to an article posted on the X platform by on-chain analyst Ai Yi, on-chain detective ZachXBT was the first to ignite the fire, Bitget responded by announcing an investigation and calling on other exchanges to follow suit. RAVE was affected by this and plummeted by about 35%. Strangely, Binance's RAVE contract OI (coin-based) did not change much.

The suspected manipulator's address currently holds 750 million tokens, with a total value exceeding $8.2 billion, representing a 75% concentration of token holdings.