Lookonchain flagged the movement on Tuesday, noting that ten fresh wallets had collectively withdrawn 100 million LAB tokens, valued at approximately $480 million, from Bitget over a 12-hour period. The withdrawn tokens represent 32.26% of LAB’s total circulating supply, a scale of coordinated movement that is unusual.

Onchain data reveals ten new wallets withdrawing $480M in LAB.

The withdrawal follows a turbulent stretch for LAB because earlier this month, on May 2, the token surged over 350%, climbing from roughly $0.70 to nearly $3.30 in a matter of days, with 24-hour trading volume hitting $147 million at its peak.

That price action drew immediate scrutiny from blockchain investigator ZachXBT, who pointed to onchain data showing wallets connected to the LAB team had moved roughly 96 million LAB tokens, worth approximately $63 million, into Bitget before the surge (a pattern consistent with pre-positioning ahead of a coordinated price pump).

ZachXBT subsequently accused Vova Sadkov, the founder of LAB and known online as vsadkovv, of coordinating the manipulation across multiple platforms. He posted a $10,000 bounty for anyone providing concrete evidence such as contracts, chat records, or insider documents from LAB’s market-making activity on Bitget spot, Bybit perpetuals, Binance perpetuals, and OKX perpetuals.

The Coordinated Exit Playbook and Historical Data

The pattern behind these movements is one onchain analysts have tracked before. A project or associated insiders pre-load large token positions onto a centralized exchange following which a price surge happens, often supported by coordinated buying across perpetual futures markets to squeeze short sellers.

LAB token price volatility over 24 hours amid manipulation claims.

Once retail buyers are positioned and the price is elevated, the original holders exit, either through spot markets or over-the-counter (OTC) routes that allow large sales without visibly crashing the exchange order book. The fresh withdrawal by ten newly created wallets from Bitget seems to be in line with this scheme.

Earlier data had shown 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. Together with Tuesday’s withdrawal data, the picture that emerges is of tokens cycling deliberately in and out of centralized platforms, promoting wash trading and coordinated price manipulation.

Bitcoin.com News has reported extensively on ZachXBT’s broader investigation into exchange-linked manipulation, which also spans the RAVE token scandal and his public challenge to Bitget CEO Gracy Chen to act against market-maker abuse.

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