ChainCatcher report: RAVE’s spot price recently surged from $0.3 to $6.2, achieving approximately a 20x increase, sparking community suspicion that the project manipulated prices via derivatives contracts. According to Coinglass data, this manipulation triggered over $37 million in total liquidations across the network, with short positions accounting for more than $31 million in liquidations; the project team is estimated to have profited over $30 million. According to community sources, the RAVE project was orchestrated by the former ARPA and Bella Protocol teams, led by Xu Maotong (Felix Xu) and Yemu. In 2021, Felix Xu raised a $20 million crypto fund, ZX Squared Capital, primarily engaged in quantitative trading. The active market-making and price-pumping capital for RAVE originated primarily from this fund, with the project team self-funding, self-market-making, and self-managing the initiative to minimize trust friction and insider risks, thereby maximizing profits.
RAVE price surges 20x, triggering over $37 million in liquidations.
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Summary
RAVE’s price recently surged 20x, rising from $0.3 to $6.2 and triggering over $37 million in liquidations, with short positions accounting for $31 million. The project team is suspected of using contracts to manipulate altcoins under observation, potentially earning over $30 million. RAVE is led by Felix Xu and Yemu, former members of the ARPA and Bella Protocol teams. The price surge was reportedly funded by Xu’s crypto fund, ZX Squared Capital, which specializes in quantitative trading.
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