Bitget Accused of Token Supply Manipulation
- ZachXBT accused Bitget of enabling supply control manipulation for tokens RAVE, RIVER, SIREN, and LAB.
- Ten wallets withdrew approximately $480 million worth of LAB tokens from Bitget within a span of just twelve hours.
- ZachXBT identified Bitget founder Shawn Liu as a key enabler and offered a $10K bounty for evidence related to the LAB token scandal.
- The LAB token surged from $0.68 to over $4 in early May, with insiders allegedly controlling about 95% of its supply.
- RAVE experienced a dramatic crash after manipulation claims led to investigations by both Binance and Bitget.
ZachXBT’s accusations against Bitget highlight alleged manipulative practices affecting several tokens, with significant financial movements observed in the LAB token. The investigation points to systemic issues within exchanges linked to these schemes, impacting market integrity.
The swift withdrawal of $480 million in LAB tokens underscores the scale of alleged manipulation, raising concerns about the transparency and fairness of cryptocurrency markets.(Source)
