ZachXBT: Address Linked to LAB Team Suspected of Market Manipulation, Token Price Drops Over 54% in 48 Hours

Odaily Odaily reports that on-chain detective ZachXBT stated that over the past 48 hours, an address initially funded by the LAB team deposited 18.4 million LAB (approximately $18.3 million) into Aster and continuously sold on DEXs, causing the LAB price to drop from $1.2 to $0.55, a decline of about 54%.

According to ZachXBT's investigation, this address received over 196 million LAB from the LAB team in April 2026. Subsequently, it transferred approximately 196 million LAB to a Bitget deposit address, and in May, withdrew about 100 million LAB from Bitget to 10 different addresses, until this week when it began transferring to Aster. Currently, this entity still holds approximately 81.5 million LAB.

ZachXBT noted that as early as May 2026, he had disclosed issues with the LAB team, including opacity in private placements and OTC transactions, unilateral modification of token vesting schedules, and controlling over 95% of the token supply. This price crash happened around the time of the token unlock nodes rumored in the market, while the LAB team only responded citing a "large market participant." Furthermore, ZachXBT expressed disappointment that Bitget, Binance, and Gate have not taken action against the suspected market manipulation.