RAVE project team's aggressive manipulation led to a liquidation of over 37 million USD, with the project team potentially earning over 30 million USD.

ME News report: On April 13 (UTC+8), RAVE’s recent spot price surged from $0.3 to $6.2, delivering an approximately 20x gain. The community suspects the project was scammed through contract operations. According to Coinglass data, this market manipulation led to liquidations across the entire network totaling more than $37 million, including more than $31 million in liquidations 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, with the main handlers being 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 for this RAVE’s proactive market-making and price pumping mainly came from that fund. The project team carried out a self-initiated project, self-funded its operations, and did its own market-making—maximizing profit by minimizing trust frictions and the risk of front-running. (Source: ChainCatcher)