ZachXBT Links Bitget to “Chinese CEX Cartel” After 100M LAB Tokens Move

Blockchain investigator ZachXBT has accused crypto exchange Bitget of being part of what he described as a “Chinese CEX cartel,” alleging potential involvement in token manipulation activity. He also directly named the exchange’s founder and chairman, Shawn Liu, in connection with the claims.

The remarks followed a report from blockchain analytics firm Lookonchain, which flagged unusual on-chain activity involving the LAB token. According to the data, 10 wallets withdrew 100 million LAB tokens—worth roughly $480 million and nearly one-third of the token’s circulating supply—from Bitget’s hot wallet within a 12-hour window.

Source: X (formerly Twitter)