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 report, April 13 (UTC+8). RAVE’s recent spot price surged from $0.3 to $6.2, achieving an approximately 20x increase. The community suspects that the project carried out contract-based operations to “harvest” profits. According to Coinglass data, this market manipulation resulted in more than $37 million in liquidations across the entire network, with short positions accounting for more than $31 million. The project team is expected to have profited by over $30 million.

According to community disclosures, the RAVE project was operated by the original ARPA and Bella Protocol teams, with the lead operators being 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 active market making and the pump were mainly sourced from this fund. The project team initiated the project on its own, provided its own funding, and conducted market making, maximizing the reduction of trust friction and front-running bot risks, thereby maximizing profit. (Source: ChainCatcher)