ZachXBT responded to the investigation into the significant losses suffered by retail investors due to RAVE: He stated that he will continue to investigate similar incidents and personally does not hold any RAVE positions.

On April 19th, CoinFeed reported that on-chain investigator ZachXBT published an article on the X platform summarizing the dramatic price fluctuation of RAVE tokens, which plummeted from $26 to $1 within 24 hours, suggesting that the event may involve market manipulation. His timeline shows that on April 18th, he called on Binance, Bitget, and Gate to investigate abnormal transactions, increasing the whistleblower reward to $25,000. These platforms subsequently responded publicly. ZachXBT pointed out that RAVE will launch in December 2025 with an initial total supply of 1 billion tokens, of which approximately 95% is controlled by a small number of addresses, posing a high risk of concentration. Furthermore, he discovered suspicious centralized exchange activity in April from some wallet addresses associated with the RaveDAO team, potentially contradicting the team's claim of "not participating in price fluctuations."