ZachXBT accused Bitget of allowing active market makers to defraud retail users through supply control manipulation schemes involving RAVE, RIVER, SIREN, and LAB. He said Bitget responded to confrontations by promising an investigation without providing follow-up to affected communities. Earlier findings centered on LAB, an AI trading terminal token, where insiders were reported to control about 95% of the supply, limiting genuine price discovery. LAB rose from about $0.68 to over $4.00 in roughly five days, with FDV above $6 billion. Onchain data indicated wallets linked to the LAB team moved 96 million LAB tokens worth about $63 million into Bitget before the surge. Ten newly created wallets then withdrew 100 million LAB tokens, about 32% of circulating supply and roughly $480 million, from Bitget’s hot wallet within 12 hours. A bounty of $10,000 was posted for definitive proof, and LAB founder Vova Sadkov was identified as the alleged architect.
"ZachXBT accused Bitget of permitting sketchy active market makers to defraud retail users with supply control manipulation schemes, naming four specific tokens (RAVE, RIVER, SIREN, and LAB) as examples. He added that when confronted, Bitget's response has been to claim it will investigate while providing no follow-up to affected communities."
"According to his public findings, insiders control approximately 95% of the LAB token supply, a level of concentration that makes genuine price discovery virtually impossible. The token surged from around $0.68 to over $4.00 in roughly five days in early May, pushing its fully diluted valuation ( FDV), the theoretical market cap if all tokens were in circulation, above $6 billion."
"Onchain data showed wallets linked to the LAB team had moved 96 million LAB tokens worth approximately $63 million into Bitget ahead of the price surge. The aftermath was swift and damaging as ten newly created wallets withdrew 100 million LAB tokens, representing 32% of the circulating supply and valued at approximately $480 million, from Bitget's hot wallet in a 12-hour window."
"Zach subsequently identified LAB founder Vova Sadkov (alias vsadkovv) as the alleged architect of the scheme and posted a $10,000 bounty on X for anyone with definitive proof of LAB-related manipulation."
Read at news.bitcoin.com
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