ZachXBT Alleges Bitget Executives Enabled $480M LAB Token Withdrawals in Suspected Pump-and-Dump Scheme

Crypto investigator ZachXBT has accused Bitget executives of facilitating what appears to be a coordinated pump-and-dump scheme after $480 million worth of LAB tokens were withdrawn from the exchange in a 12-hour window. The withdrawals—amounting to 32% of the token's total supply—came from 10 freshly created wallets, raising immediate red flags about potential market manipulation.

The token issuer, which shares the name LAB, describes itself as a crypto trading infrastructure firm with an "AI research engine." Fellow investigator Specter Analyst claims to have traced LAB team deposits worth millions to Bitget preceding a price pump in early May. The timing has fueled suspicions that insiders positioned themselves before artificially driving up the token's value—a hallmark of coordinated pump-and-dump operations. ZachXBT further alleged that Bitget founder Shawn Liu serves as the exchange's "big boss" behind the scenes, while CEO Gracy Chen functions as the public-facing operator.

Bitget has faced increasing scrutiny over its role in listing and facilitating tokens with questionable fundamentals. The scale of the LAB withdrawal—equivalent to nearly half a billion dollars—combined with the rapid wallet creation, has intensified pressure on the exchange to explain how such volume moved without triggering compliance mechanisms. ZachXBT's public accusations mark a significant escalation, directly naming executive leadership as potential beneficiaries of alleged fraudulent activity. The investigation remains ongoing, with the crypto community watching for Bitget's response to the allegations.