RAVE project team’s aggressive manipulation led to a liquidation of over $37 million, with the project team potentially earning over $30 million in profit

ME News, on April 13 (UTC+8), RAVE’s recent spot price surged from $0.3 to $6.2, achieving an approximately 20-fold increase. The community suspects the project is harvesting value through contract operations. According to Coinglass data, this manipulation led to liquidations exceeding $37 million across the entire network, including more than $31 million from liquidated short positions, and the project team is expected to earn profits of over $30 million. According to community disclosures, the RAVE project was operated by the original ARPA and Bella Protocol teams, led by Xu Maotong (Felix Xu) and Yemu. In 2021, Felix Xu raised a $20 million crypto fund called ZX Squared Capital, whose main focus is quantitative trading. The funds used for RAVE’s proactive market making and the pull-up were mainly sourced from this fund. The project team initiated the project themselves, provided their own financing, and carried out market making to maximize profit by minimizing trust friction and front-running (mouse-trader) risks. (Source: ChainCatcher)