LAB falls 99.94% from peak after public sale token unlock

LAB unlocked tokens from its public sale yesterday, according to on-chain analyst ai_9684xtpa, as the token faces price-manipulation allegations from the crypto community. The analyst said participants joined the LAB public sale in October last year, and although the token had risen 1,120-fold within nine months, the lock-up was not lifted. A participant who invested $5,000 at the time saw the position’s value climb to $5.6 million, but the project unilaterally delayed the unlock date, ai_9684xtpa said. By the time the participant finally received the LAB tokens, their value had fallen to $3,219, marking a 99.94% drop from the peak. Meanwhile, X user SKYLINE, the investor at the center of the case, said in a post containing the English phrase "560만 달러에서 3,219 달러가 되었다" that a $5,000 LAB investment made during the community sale nine months earlier had finally been delivered as tokens, adding, "Great rug." LAB previously rose to around $24.4 on Binance perpetual futures, which put its fully diluted valuation at as much as $24.4 billion. It is now trading at around $0.08543.