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ZachXBT, a cryptocurrency detective who has recently issued warnings for numerous altcoins, has now issued another warning against a particular altcoin.
Accordingly, ZachXBT describes the $LAB chart as a typical trap for individual investors and blames the Bitget exchange manager.
On-chain analyst ZachXBT described the $LAB token chart as a typical tactic to attract retail investors, following yesterday’s withdrawal of 100 million $LAB tokens worth $514 million from Bitget by 10 anonymous addresses.
ZachXBT argues that the value of the altcoin $LAB was deliberately inflated to attract more investors, likening the situation with $LAB to locking up more than 90% of a low-liquidity memecoin.
$LAB warned that the chart could collapse if token holders actually sold, stating that this was a method of attracting individual investors with an upward trend.
He also alleged that Shawn Liu, whom he identified as the de facto head of operations at Bitget, allowed these fraudulent activities to occur and was complicit in the manipulation of the $LAB token.
ZachXBT went even further, accusing Bitget of being part of a “Chinese-backed exchange cartel” that enabled token manipulation schemes, and directly targeting the exchange’s founder and chairman, Shawn Liu.
This was the most aggressive public attack to date against a centralized stock exchange.
Previously, ZachXBT had alleged that $LAB token founder Boba Sadkov was manipulating the market and offered a $10,000 reward for proof.
*This is not investment advice.
bitcoinworld.co.in
coindesk.com