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>>Bitget embroiled in controversy following substantial $480 million withdrawals from the LAB wallet associated with ZachXBT.

Bitget embroiled in controversy following substantial $480 million withdrawals from the LAB wallet associated with ZachXBT.

crypthub

5/12/2026, 12:40:23 PM

Bitget Under Scrutiny

Ten new wallets moved 100 million LAB tokens, valued at about $480 million, from Bitget in a 12‑hour span. The transfers account for roughly 32 % of LAB’s circulating supply, intensifying claims of coordinated market manipulation. The on‑chain tracker highlighted the scale of the outflow, prompting renewed attention on the exchange’s oversight.

ZachXBT’s Criticism

Analyst ZachXBT accused Bitget’s leadership of enabling scams and warned of a “Chinese CEX cartel” that prioritizes fees over retail safety. He linked the LAB activity to unresolved investigations of another token, RAVE, which Bitget has not publicly updated. ZachXBT also suggested that Binance, OKX and Bybit could be feeding related manipulation.

Alleged Coordination and Rewards

SpecterAnalyst pointed to large LAB deposits from wallets tied to the token’s team weeks before the price surge, describing the pattern as coordinated. The analysis cited gas‑fee distribution and aggressive buying on‑chain as evidence. ZachXBT offered a $10,000 bounty for proof of insider manipulation, while Bitget’s own token trades around $2.11.