Ten freshly created wallets pulled 100 million LAB tokens off the Bitget exchange in a single 12-hour window — a haul worth roughly $480 million that represents nearly a third of the token's entire circulating supply. The move, flagged Tuesday by onchain tracker Lookonchain, adds concrete evidence to an active manipulation investigation tied to the pseudonymous sleuth ZachXBT.
The Withdrawal
The wallets were brand new — each one created specifically for this operation. Together they emptied 100 million LAB tokens from Bitget, a transfer that amounts to 32% of all LAB tokens in circulation. At current prices that's about $480 million leaving the exchange in half a day.
Why so many new wallets? Spreading the withdrawal across multiple addresses can make the flow harder to follow, though onchain analysts spotted the pattern quickly. Lookonchain published the alert on Tuesday, detailing the wallet addresses and the timing.
A 1,000% Pump Preceded the Move
The massive withdrawal didn't happen in a vacuum. It came right after LAB token's price exploded — a 1,000% surge that pumped the token's market value into the billions. That kind of parabolic move often attracts regulatory scrutiny and onchain detectives. The combination of a sudden price spike followed by a huge, rapid withdrawal from an exchange is a classic red flag for market manipulation.
Bitget, the exchange where the tokens were held, has not publicly commented on the incident. The exchange's role in the sequence — whether it flagged the withdrawals or cooperated with investigators — remains unclear.
The Active Probe
ZachXBT, an independent blockchain investigator known for tracking stolen funds and scam operations, is associated with the probe. The nature of the investigation hasn't been disclosed in full, but the onchain evidence is now part of an active case. Regulators or law enforcement may be involved, though no official statement has been released.
The key question: who controlled those ten wallets? The wallets were created just before the withdrawals, meaning someone — or a group — set them up specifically for this operation. If investigators can link those addresses to an individual or entity, it could crack the case open.
For now, the LAB token market is watching closely. The 100 million tokens that left Bitget could be moved again, sold, or used to distort prices further. The probe is ongoing, and no charges have been filed.
