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RAVE project team's aggressive manipulation led to liquidation exceeding $37 million, with the project team potentially earning over $30 million.
ME News Report, April 13 (UTC+8), RAVE’s recent spot price surged from $0.3 to $6.2, achieving approximately a 20-fold increase. The community suspects the project was manipulated through contract operations to facilitate a pump and dump. According to Coinglass data, this manipulation caused over $37 million in liquidations across the entire network, with short positions totaling over $31 million in liquidations. The project team is estimated to have made profits exceeding $30 million.
According to community leaks, the RAVE project was operated by the original ARPA and Bella Protocol teams, led by Felix Xu and Yemu. Felix Xu raised a $20 million crypto fund called ZX Squared Capital in 2021, primarily engaged in quantitative trading. The main funds for this RAVE market-making and pump came from this fund. The project team engaged in self-initiated projects, self-financing, and market-making to minimize trust friction and front-running risks, thereby maximizing profits. (Source: ChainCatcher)