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 harvest profits. 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 earned over $30 million in profits.
According to community leaks, the RAVE project was operated by the original ARPA and Bella Protocol teams, with key figures being Felix Xu and Yemu. Felix Xu raised a $20 million crypto fund called ZX Squared Capital in 2021, mainly engaged in quantitative trading. The main funds for RAVE’s market-making and price manipulation came from this fund. The project team engaged in autonomous project development, self-financing, and self-market-making to minimize trust friction and front-running risks, thereby maximizing profits. (Source: ChainCatcher)