ZachXBT Accuses Bitget of Token Supply Manipulation

Blockchain investigator ZachXBT renewed accusations on Monday that crypto exchange Bitget allowed market makers to manipulate token supply for RAVE, RIVER, SIREN and LAB. He pointed to on-chain transfers and large withdrawals as evidence of coordinated activity moving through the exchange.

ZachXBT posted that Bitget permitted what he called “sketchy active market makers to defraud retail users with supply control manipulation schemes.” He wrote that Bitget’s public response has been limited to promises to investigate and that no detailed outcomes have been shared with affected traders.

His most detailed findings target LAB, the token linked to an AI trading terminal project. ZachXBT’s on-chain analysis indicates insiders control roughly 95% of LAB’s total supply, which he says would prevent independent price discovery. LAB’s price rose from about $0.68 to more than $4 in roughly five days in early May, lifting its fully diluted valuation above $6 billion during the surge.

According to the investigator’s data, wallets tied to the LAB team transferred about 96 million LAB tokens, roughly $63 million at the time, into Bitget ahead of the price rise. Ten newly created wallets then withdrew 100 million LAB tokens — about 32% of the circulating supply — from Bitget’s hot wallet within a 12-hour window. ZachXBT estimated those outflows were worth about $480 million at the higher token price. He identified LAB founder Vova Sadkov, known online as vsadkovv, as the alleged architect of the movements and posted a $10,000 bounty for definitive proof of manipulation.

ZachXBT also pointed to RAVE, which fell about 68% while exchanges opened investigations into suspected manipulation and later declined roughly 95% from its peak. RaveDAO has denied involvement in those price moves.

The investigator asserted the same pattern of heavy insider concentration, coordinated transfers through centralized exchanges, and rapid withdrawals by newly created wallets has appeared across multiple tokens. He named Bitget founder and chairman Shawn Liu as a behind-the-scenes enabler and described the network of exchanges involved as a “Chinese CEX cartel.” He said he will continue to gather and publish on-chain evidence.

Bitget has not published detailed findings tied to ZachXBT’s claims. The exchange has stated it would investigate reports of market manipulation but has not released a public report addressing the specific token movements the investigator highlighted.

The allegations have renewed attention to exchange practices such as token listings, hot-wallet transfers and the oversight of market makers and large holders. On-chain records cited by ZachXBT form the basis of his claims and of the withdrawals and transfers he has documented.