ZachXBT alleges LAB insiders control over 95% of supply, pumped price

On-chain analyst ZachXBT has alleged that insiders of the recently surging LAB token controlled over 95% of its supply before pumping the price, The Block reported. The token has risen more than 880% over the past month. Citing evidence of discounted over-the-counter (OTC) sales, a hidden supply, and signs of market making linked to exchanges, ZachXBT urged platforms including Bitget, Binance, and Gate.io to freeze any profits made by the insiders. He emphasized that his criticism is not advice to short the token, noting that since insiders hold most of the supply, there is significant potential for further price increases. ZachXBT has been identifying tokens suspected of price manipulation since last month and has consistently raised allegations against LAB throughout this month. He previously accused LAB founder Boba Sadikov of price manipulation and offered a $10,000 bounty for evidence.