10 Wallets Siphon $480M in LAB Tokens from Bitget – Scandal Unfolds!

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Ten newly minted wallets, with the audacity of a seasoned swindler, have siphoned 100 million LAB tokens-worth a tidy $480 million-off Bitget in a 12-hour spree, leaving analysts to ponder whether this is a heist or a particularly enthusiastic game of hot potato.

  • Key Takeaways:

  • Lookonchain, ever the vigilant watchdog, spotted ten fresh wallets absconding with 100M LAB tokens ($480M) from Bitget in a mere 12 hours.
  • The withdrawal accounts for 32.26% of LAB’s circulating supply, a figure that would make even a pirate blush.
  • ZachXBT, ever the intrepid investigator, has offered a $10,000 bounty for evidence of misdeeds, which is more than enough to buy a lifetime supply of tea for the accused.

Exit Follows 1,000% Pump and ZachXBT Probe

Lookonchain, that paragon of diligence, flagged the movement on Tuesday, noting that ten fresh wallets had collectively spirited away 100 million LAB tokens, valued at approximately $480 million, from Bitget over a 12-hour period. The withdrawn tokens represent 32.26% of LAB’s total circulating supply-a scale of coordinated movement that would make a chess grandmaster weep with envy.

Onchain data reveals ten new wallets withdrawing $480M in LAB.

The withdrawal follows a turbulent stretch for LAB, which earlier this month surged over 350%, climbing from roughly $0.70 to nearly $3.30 in a matter of days-a price action that would make a stockbroker faint and a crypto enthusiast question their life choices.

That price action drew immediate scrutiny from blockchain investigator ZachXBT, who pointed to onchain data showing wallets connected to the LAB team had moved roughly 96 million LAB tokens, worth approximately $63 million, into Bitget before the surge (a pattern consistent with pre-positioning ahead of a coordinated price pump).

ZachXBT subsequently accused Vova Sadkov, the founder of LAB and known online as vsadkovv, of coordinating the manipulation across multiple platforms. He posted a $10,000 bounty for anyone providing concrete evidence such as contracts, chat records, or insider documents from LAB’s market-making activity on Bitget spot, Bybit perpetuals, Binance perpetuals, and OKX perpetuals.

The Coordinated Exit Playbook and Historical Data

The pattern behind these movements is one onchain analysts have tracked before. A project or associated insiders pre-load large token positions onto a centralized exchange following which a price surge happens, often supported by coordinated buying across perpetual futures markets to squeeze short sellers-a dance as old as the hills.

LAB token price volatility over 24 hours amid manipulation claims.

Once retail buyers are positioned and the price is elevated, the original holders exit, either through spot markets or OTC routes that allow large sales without visibly crashing the exchange order book. The fresh withdrawal by ten newly created wallets from Bitget seems to be in line with this scheme, which is as transparent as a foggy morning in London.

Earlier data had shown that a suspected LAB team address had sent 100 million tokens to three Bitget deposit addresses, accounting for approximately 43.4% of LAB’s circulating supply at the time. Together with Tuesday’s withdrawal data, the picture that emerges is of tokens cycling deliberately in and out of centralized platforms, promoting wash trading and coordinated price manipulation-a spectacle that would make a magician weep with envy.

Bitcoin.com News has reported extensively on ZachXBT’s broader investigation into exchange-linked manipulation, which also spans the RAVE token scandal and his public challenge to Bitget CEO Gracy Chen to act against market-maker abuse. A tale as thrilling as a detective novel, but with more spreadsheets.

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2026-05-12 13:31