ZachXBT calls LAB chart a typical trap for retail investors

On-chain analyst ZachXBT has described the chart for the LAB token as a typical scheme to lure retail investors, following the withdrawal of 100 million LAB, worth $514 million, from Bitget by 10 anonymous addresses yesterday. ZachXBT argued that the coin's value is inflated, comparing the situation to locking up over 90% of a low-liquidity memecoin. He warned that the chart could collapse if the holders were to actually sell, stating this is a method to attract individual investors with an upward-trending chart. He further alleged that Shawn Liu, whom he described as the de facto head of operations at Bitget, is complicit in allowing such fraudulent activities to occur. ZachXBT also criticized the Chinese centralized exchange (CEX) cartel, stating it has operated for years without sanctions. Previously, ZachXBT had alleged market manipulation by LAB token founder Boba Sadkov and offered a $10,000 bounty for evidence.