Kraken is acquiring the derivatives exchange Bitnomial for $550 million.
This purchase gives Kraken a licensed infrastructure regulated by the CFTC, which would have taken years to develop, as Bitnomial is the only crypto platform in the US holding three licenses: exchange, clearing, and FCM broker, with the deal conducted through the parent company Payward.
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This purchase gives Kraken a licensed infrastructure regulated by the CFTC, which would have taken years to develop, as Bitnomial is the only crypto platform in the US holding three licenses: exchange, clearing, and FCM broker, with the deal conducted through the parent company Payward.
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The RAVE token surged by 1,200% over one week, rising from $2.1 to $28, with its market capitalization peaking at $6.7 billion.
Following this, ZachXBT accused the project of manipulation, revealing that wallets linked to the RaveDAO team transferred 18.58 million RAVE tokens to Bitget before the price rally, at prices below $0.50. Nearly 90% of the token supply was concentrated in just three wallets.
Both Bitget and Binance launched investigations into the matter.
As a result, the RAVE token price collapsed by 95%. The RaveDAO team denies any involvement in price manipulation.
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