Markets

RaveDAO Token Crashes, Sheds $6.6 Billion in Value as Exchanges Probe Alleged Manipulation

The music stopped abruptly for RaveDAO this weekend after prominent pseudonymous sleuth ZachXBT called on exchanges to investigate trading tied to the little-known entertainment collective’s token—a request that apparently spooked investors, swiftly wiping out billions of dollars in value in the process. RAVE’s market cap has plunged more than $6.6 billion since Saturday, almost immediately after the crypto industry’s most recognized blockchain investigator called on exchanges Binance, Bitget,...