RAVE project's team aggressively manipulated the market, leading to a liquidation of over $37 million, with the project team potentially earning over $30 million in profit.

ME News report: On April 13 (UTC+8), RAVE’s recent spot price surged from $0.3 to $6.2, achieving an approximately 20x increase. The community suspects the project carried out a “harvest” through contract operations. According to Coinglass data, this trading manipulation led to more than $37 million in liquidations across the entire network, including more than $31 million from short positions. The project team is expected to have earned 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, which mainly engages in quantitative trading. The funds used for RAVE’s active market-making and pump were primarily sourced from this fund. The project team carried out an internally initiated project, provided self-financing, and conducted its own market-making, maximizing profits by minimizing trust-related friction and the risk of front-running (mouse trading). (Source: ChainCatcher)