In a recent development in the crypto space, investigator ZachXBT has raised serious concerns regarding the token supply of LAB, suggesting that insiders may control an overwhelming majority. This revelation comes on the heels of a substantial price surge that has inflated LAB's fully diluted valuation to around $6 billion, and the analysis suggests that the situation is causing growing concern.
Accusations by ZachXBT
ZachXBT's accusations center on the lack of transparency surrounding private loans and over-the-counter (OTC) deals, which he claims create a market environment that disproportionately benefits insiders. He has previously issued warnings about LAB's founder, Vova Sadkov, and even offered a bounty for information related to potential market manipulation.
Complications in Token Distribution
The situation is further complicated by the unclear distribution of tokens and inconsistencies in the reported float figures, which have only heightened scrutiny from the crypto community. In light of these allegations, ZachXBT has urged cryptocurrency exchanges to take decisive action against any profits that may have been illicitly gained by insiders.
Recent allegations of market manipulation have surfaced against Bitget, coinciding with concerns raised by ZachXBT regarding LAB's token supply. For more details, see the full report here.
