On May 12, 2026, on-chain analytics platform Lookonchain flagged a large-scale coordinated withdrawal: ten newly created wallets collectively removed 100 million LAB tokens, valued at roughly $480 million, from the cryptocurrency exchange Bitget over a 12-hour window. The withdrawn amount represents 32.26% of LAB's total circulating supply, a concentration that is highly unusual and adds significant on-chain evidence to an already active manipulation investigation.
Background: LAB's Meteoric Rise and the Initial Probe
This withdrawal is the latest chapter in a turbulent period for the LAB token. Earlier in May, on May 2, the token surged over 350%, climbing from approximately $0.70 to nearly $3.30 within days. At its peak, 24-hour trading volume reached $147 million. This explosive price action immediately drew the attention of prominent blockchain investigator ZachXBT.
ZachXBT's on-chain analysis revealed that wallets linked to the LAB team had moved roughly 96 million LAB tokens, worth approximately $63 million, into Bitget prior to the surge — a pattern consistent with pre-positioning before a coordinated price pump. He subsequently accused Vova Sadkov, the founder of LAB known online as vsadkovv, of orchestrating the manipulation across multiple platforms. ZachXBT posted a $10,000 bounty for any concrete evidence, such as contracts, chat records, or internal documents detailing LAB's market-making activities on Bitget spot, Bybit perpetuals, Binance perpetuals, and OKX perpetuals.
The Classic 'Pump-and-Dump' Playbook
On-chain analysts have tracked this pattern before. It typically involves three stages: project insiders pre-load large token positions onto a centralized exchange; a price surge is orchestrated, often by squeezing short sellers through coordinated buying in perpetual futures markets; and once retail buyers are positioned at elevated prices, the original holders exit via spot or over-the-counter (OTC) trades that avoid crashing the order book. The fresh withdrawal of 100 million LAB tokens from Bitget by ten newly created wallets fits squarely into the final step of this scheme.
Earlier data showed that a suspected LAB team address had sent 100 million tokens to three Bitget deposit addresses, accounting for approximately 43.4% of LAB's circulating supply at the time. Combined with Tuesday's withdrawal data, the emerging picture is one of tokens deliberately cycling in and out of centralized platforms, enabling wash trading and coordinated price manipulation.
Bitcoin.com News has extensively covered ZachXBT's broader investigation into exchange-linked manipulation, including the RAVE token scandal and his public challenge to Bitget CEO Gracy Chen to take action against market-maker abuse.
Neither the LAB team nor Bitget has publicly responded to the May 12 withdrawal as of press time. The investigation continues, and market participants are advised to exercise caution in light of these developments.