Bitget is under renewed scrutiny for allegedly facilitating market manipulation in LAB token trading, after 100 million LAB tokens worth $480.33 million were withdrawn from ten wallets within 12 hours—representing 32.26% of the token’s circulating supply. On-chain investigator ZachXBT has escalated criticism beyond trading patterns to directly name Bitget leadership, claiming the exchange enables coordinated schemes while collecting fees from suspicious volume.
Concentrated Supply and Strategic Deposits Precede Price Surge
The LAB token manipulation allegations center on concentrated supply movements and timing. A wallet linked to the LAB team deposited 40 million LAB tokens to Bitget on April 8, valued at approximately $13.6 million. Around April 25, the same source deposited 96 million LAB tokens—worth roughly $63 million—to the exchange. By May 1, the LAB token began what analysts describe as an organized price pump. The 12-hour withdrawal of 100 million LAB tokens suggests coordinated liquidation or redistribution of assets, a pattern ZachXBT and analyst SpecterAnalyst characterize as evidence of insider manipulation.
ZachXBT Names Bitget Leadership in Escalated Allegations
ZachXBT’s criticism has shifted from questioning trading patterns to directly accusing Bitget’s senior management. “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,” ZachXBT stated, characterizing the alleged activity as systemic rather than isolated. The investigator offered a $10,000 reward for manipulation evidence and questioned whether exchanges prioritize fee generation over retail trader protection. Gracy Chen, Bitget’s public-facing executive, previously responded to ZachXBT’s allegations regarding the RAVE token by stating “we have already started investigating” in April—yet no public update on that investigation has emerged as LAB allegations surface.
Unresolved RAVE Investigation Undermines Exchange Credibility
The LAB allegations gain weight from Bitget’s handling of prior manipulation claims involving the RAVE token. ZachXBT noted that “the community has not received any update about the investigation of RAVE” while “LAB is running yet another market manipulation scheme via Bitget spot.” No regulatory body has confirmed a formal investigation into either token, and Bitget has not issued an official statement addressing the LAB withdrawal allegations or the outstanding RAVE inquiry. The pattern suggests either inadequate oversight mechanisms or insufficient transparency in exchange enforcement.
Industry Scrutiny Mounts on CEX Accountability
These allegations reflect broader tension between exchange fee incentives and market integrity. ZachXBT questioned whether “CEXs want fees generated by volume however is destroying retail traders the best way to drive it?”—highlighting the structural conflict between exchange profitability and manipulation prevention. LAB token was trading at $2.11 at press time. No official response from Shawn Liu or Bitget’s compliance team has been released. The absence of regulatory action or formal exchange investigation completion suggests a gap in enforcement mechanisms for cross-border crypto trading platforms.
