L2Beat suspects RAIN price manipulation, excludes $7B from data

Ethereum Layer 2 data platform L2Beat announced it has partially excluded Rain Protocol (RAIN) from its data aggregation, citing suspected price manipulation. The move follows a sharp rise in the price of the Arbitrum-based prediction market token last month. According to L2Beat, $7 billion worth of non-circulating RAIN held in a team-controlled multisig has been removed from its collateral calculations. The platform noted that the remaining $2.6 billion is presumed to be used as collateral on Arbitrum, making it the largest collateralized asset within the protocol, surpassing even ETH and USDC. L2Beat described the current situation as absurd and stated it is conducting a further investigation based on the belief that the token's price has been manipulated.