After GOPAX, a domestic virtual asset exchange, posted a belated notice on the RAVE DAO (RAVE) token amid price rigging allegations and took no follow-up action, critics say its fraud detection system (FDS·Fraud Detection System) is effectively meaningless.
According to the virtual asset industry on the 12th, the price of RAVE DAO, listed on GOPAX in Dec. last year, surged from 350 won in early last month to as high as 40,000 won on the 18th of last month. It then plunged and is now around 1,200 won. The on-chain investigator ZachXBT said on X (formerly Twitter) that a group suspected of price rigging had accumulated RAVE DAO for months, resulting in a single wallet holding 98% of the circulating supply.
GOPAX posted RAVE DAO as an "transaction caution urged" asset on the 20th of last month, after a group suspected of price rigging had artificially driven up the price in the spot market. "Transaction caution urged" is the lowest level of action, below "caution designation" and "end of transaction support (delisting)."
Before the notice, RAVE DAO's transaction amount on GOPAX over the two days of the 18th and 19th of last month was about 99 million won. If investors have held RAVE DAO to date, they are seeing losses of more than 90%. Domestic exchanges do not offer perpetual futures (Perpetual Futures·futures contracts with no expiration) that allow betting on declines and list only spot, so when prices plunge, investors incur losses.
RAVE DAO's price soared about 1,800% over the week starting on the 9th of last month, and on the 12th of the same month, virtual asset analyst AmberCN raised allegations of price rigging. Two days later, on the 14th, RAVE DAO's market capitalization ranking climbed to 16th.
GOPAX said it did not detect the issue with its own FDS but was posting RAVE DAO as a transaction caution urged asset because of negative media reports. Global virtual asset exchanges Binance Holdings Ltd. and Bitget announced investigations into RAVE DAO's price manipulation immediately after the incident, but GOPAX has taken no separate follow-up action to date.