LAB plummets nearly 70% in 24 hours amid manipulation claims

LAB, which traded near $15 on Binance as recently as July 5, has plummeted. The token is currently trading around $4.3 on the Binance USDT perpetual futures market, down approximately 70% over the past 24 hours. The sharp decline follows persistent allegations of price manipulation from the global cryptocurrency community since last month. The founder of crypto venture capital firm Moonrock Capital had previously called LAB a "ridiculously blatant scam," questioning why no one was taking action against it. Similarly, on-chain detective ZachXBT pointed out that LAB was engaging in market manipulation on major centralized exchanges (CEX) via a market maker and expressed disappointment that these exchanges were allowing the situation to continue.