Bitget Faces ZachXBT Firestorm After $480 Million LAB Wallet Withdrawals

Bitget is facing renewed scrutiny after Lookonchain reported that ten fresh wallets withdrew 100 million LAB tokens, worth about $480.33 million, from the exchange over a 12-hour window. The transfers represented 32.26% of LAB’s circulating supply, according to the on-chain tracker, adding fresh fuel to allegations from ZachXBT and other analysts that LAB trading activity has shown signs of coordinated market manipulation.

The wallet activity comes as ZachXBT has escalated his criticism of Bitget, moving beyond the LAB token itself to question the exchange’s role in allowing suspicious trading patterns to continue. In a post on X, the on-chain investigator wrote:

“Shawn Liu is the Bitget big boss who allows these scams to operate behind the scenes while Gracy Chen is only the face of it. The Chinese CEX cartel has gone unchallenged for years and doesn’t care as long as they benefit from the activity. I think it is almost time to increase public attacks against Bitget.”

Why Bitget Is Under Pressure By ZachXBT

The dispute has been building for several days. ZachXBT previously addressed Chen directly over what he described as a lack of public updates on Bitget’s investigation into RAVE, another token that had drawn manipulation allegations. In April, Chen had responded to ZachXBT’s earlier RAVE claims by saying: “Thank you for pointing this out, we have already started investigating the RAVE incident.”

ZachXBT’s latest criticism links the unresolved RAVE matter with LAB’s trading activity. “The community has not received any update about the investigation of RAVE,” he wrote. “While now LAB is running yet another market manipulation scheme via Bitget spot. Every new token running similar scams only hurts the credibility of the industry further.”

He also questioned the incentives of centralized exchanges that list or facilitate markets around such tokens. “Yes CEXs want fees generated by volume however is destroying retail traders the best way to drive it?” ZachXBT wrote, adding that Binance, OKX and Bybit perpetual markets appeared to be “a potential source” of related activity.

The LAB claims center on alleged concentration of supply and exchange flows before the token’s move. SpecterAnalyst, whose thread was cited by ZachXBT, alleged that wallets linked to the LAB team still held large allocations and that one wallet linked to the team deposited 40 million LAB, then worth about $13.6 million, to Bitget on April 8. The same analysis claimed that, about a week before LAB began pumping on May 1, wallets linked to the team deposited another 96 million LAB, worth roughly $63 million, to Bitget.

SpecterAnalyst characterized the activity as coordinated, citing gas-fee distribution and additional wallet behavior, including aggressive LAB buying on-chain and deposits to Gate and Bitget. Those claims remain allegations based on wallet clustering and transaction interpretation, not a formal finding by an exchange or regulator.

ZachXBT has also put money behind the inquiry. The investigator announced a $10,000 reward for evidence related to LAB market manipulation, including insider information on market makers, contracts, chat logs, and identity details tied to the LAB founder known as Vova Sadkov.

At press time, the Bitget token traded at $2.11.