On July 12, on-chain investigator ZachXBT said an entity originally funded by the LAB team deposited 18.4 million LAB into Aster over the past 48 hours and kept selling the tokens on decentralized exchanges. He said the sales were worth about $18.3 million and pushed LAB down from $1.2 to $0.55, a cumulative decline of 54% over two days.
ZachXBT added that the entity received more than 196 million LAB from the LAB team in April 2026, then gradually sent tokens to multiple Bitget deposit addresses. In May, about 100 million LAB was withdrawn from Bitget to 10 addresses. Because market data at the time did not show an independent buyer building a position of that size, he said he believes the addresses are still controlled by the same entity.
The tokens then remained dormant until July 10 and 11, when they began moving to Aster for sale. ZachXBT said the entity still holds about 81.5 million LAB. He also referenced a May investigation in which he accused the LAB team of opaque private lending and OTC deals, unilateral token unlock changes, control of more than 95% of supply, and unusual market-making behavior. He also criticized Bitget, Binance, and Gate for not acting on what he described as market manipulation.
BlockBeats reported on July 12 that on-chain investigator ZachXBT said an entity originally funded by the LAB team deposited 18.4 million LAB into Aster over the past 48 hours and continued selling the tokens on DEXs.
He said the sales were worth about $18.3 million and drove LAB from $1.2 to $0.55, leaving the token down 54% over two days.
Token movements tied to the entity
According to ZachXBT, the entity received more than 196 million LAB from the LAB team in April 2026 and later sent the tokens to multiple Bitget deposit addresses. In May, it withdrew about 100 million LAB from Bitget to 10 addresses.
ZachXBT said market data at the time did not show an independent buyer building a position of that size, so he believes the addresses are still controlled by the same entity. The tokens then stayed dormant until July 10 and 11, when they started moving to Aster for sale. He said the entity still holds about 81.5 million LAB.
Earlier allegations and exchange criticism
ZachXBT also said he published an investigation in May accusing the LAB team of opaque private lending and OTC transactions, unilateral changes to unlock rules, control of more than 95% of the token supply, and unusual market-making behavior.
He said LAB fell sharply this week ahead of market rumors about an unlock, while the team explained the move only by referring to “large market participants.” ZachXBT also criticized Bitget, Binance, and Gate, saying they had not taken action against the alleged market manipulation and that users were harmed as a result.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
