ZachXBT: LAB Faces Extreme Price Manipulation on CEX, Discourages LAB Trading

BlockBeats News, July 8th, on-chain detective ZachXBT posted that LAB plummeted by 85% in the past 24 hours, dropping from $14 to just below $2, with the $14 price corresponding to a Fully Diluted Valuation (FDV) of $140 billion.

Disappointingly, Binance, Bitget, and Gate did not take action to prevent the situation beforehand. He stated that if centralized exchanges (CEX) truly care about their users, they should at least distribute the profits generated from manipulating the price accounts to users.

ZachXBT also mentioned that LAB investor unlockings were scheduled to begin later this month but had experienced several late-stage vesting period changes in the past. He claimed that insiders controlled the entire circulating supply and orchestrated extreme price manipulation on CEX through market makers. Trading LAB under any circumstances is strongly discouraged.