ZachXBT: LAB Plunges 85% in 24 Hours, Advises Against Trading the Token

Odaily reported that on-chain investigator ZachXBT stated that the LAB token has fallen from $14 to under $2 in the past 24 hours, a drop of approximately 85%, with its fully diluted valuation (FDV) shrinking sharply from around $14 billion.

ZachXBT expressed disappointment that Binance, Bitget, and Gate did not take proactive measures to prevent price manipulation. He stated that if centralized exchanges truly valued user interests, they should at least return profits from accounts suspected of market manipulation to users.

He also pointed out that LAB investors were originally scheduled to begin unlocking tokens later this month, but the vesting schedule has been repeatedly modified. Insiders have long controlled nearly the entire circulating supply and have used market makers to carry out extreme price manipulation on centralized exchanges. Therefore, he "does not recommend trading LAB under any circumstances."