The RAVE project team aggressively managed the operation, leading to a liquidation of over 37 million USD, with the project team potentially profiting over 30 million USD

RAVE's recent spot price has risen from $0.3 to $6.2, achieving an approximately 20-fold increase, leading the community to suspect that the project is harvesting through contract operations. According to Coinglass data, this operation has resulted in a total liquidation amount exceeding $37 million across the network, with short liquidations reaching over $31 million. The project team expects profits to exceed $30 million.

According to community revelations, the RAVE project is operated by the original ARPA and Bella Protocol teams, with the main operators being Felix Xu and Yemu. Felix Xu raised a $20 million crypto fund, ZX Squared Capital, in 2021, primarily engaged in quantitative trading. The active market-making and capital for RAVE mainly come from this fund, with the project team self-initiating the project, self-funding, and self-market-making to maximize the reduction of trust friction and the risk of insider trading, thereby achieving profit maximization.