After GOPAX, a domestic virtual asset exchange, issued a belated notice about the RAVE DAO (RAVE) token, which faces allegations of price rigging, critics say the post-incident response is also missing, rendering its fraud detection system (FDS·Fraud Detection System) meaningless.
According to the virtual asset industry on the 12th, the price of RAVE DAO, listed on GOPAX in December 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. ZachXBT, a virtual asset investigator and analyst, said on X (formerly Twitter) that a group suspected of price rigging had been buying up RAVE DAO for months, leading one wallet to hold 98% of the total circulating supply.
GOPAX posted RAVE DAO as an item for "transaction caution urged" 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 action, below "designation as a caution item" and "end of transaction support (delisting)."
Before the notice, RAVE DAO's transaction amount on GOPAX over two days on the 18th and 19th of last month was about 99 million won. If investors have held RAVE DAO until now, they are seeing losses of more than 90%. Domestic exchanges do not offer perpetual futures (perpetual futures·futures contracts with no expiration date) that allow betting on declines and list only spot, so when prices plunge, investors take 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 posted RAVE DAO as an item for transaction caution urged because of negative media reports. Global virtual asset exchanges Binance Holdings Ltd. and Bitget announced immediately after the incident that they would investigate RAVE DAO's price manipulation, but GOPAX has not taken any separate post-incident action to date.