On-chain investigator ZachXBT has publicly accused the cryptocurrency exchange Bitget of orchestrating a “Chinese CEX cartel” following the suspicious withdrawal of 100 million LAB tokens.
Data from Lookonchain shows that 10 new wallets pulled roughly $480.33 million worth of LAB tokens from Bitget over the last 12 hours. This massive movement accounts for approximately 32.26% of the token’s total circulating supply, raising immediate red flags regarding market integrity and liquidity.
Ten fresh wallets withdrew 100M $LAB($480.33M) from #Bitget over the past 12 hours, 32.26% of the circulating supply.https://t.co/hKh7C1lvKA pic.twitter.com/c8ABgvBJ8R
— Lookonchain (@lookonchain) May 12, 2026
Insider allegations and community reaction
The investigator specifically named Bitget founder Shawn Liu, alleging that the exchange is involved in insider-backed token manipulation. Arkham Intelligence data shows these new wallets acted with precision, following patterns observed during LAB’s previous market cycles. This isn’t the first time the asset has seen such volatility; the current movements closely resemble activity that preceded LAB’s 500% price surge, followed by a devastating 84% crash.
Community members are now questioning if these “fresh” wallets are proxy addresses for exchange insiders. The lack of an official response from the LAB team or Bitget leadership has only increased the debate. Critics argue that such large-scale withdrawals into unverified wallets often precede “rug pulls” or coordinated sell-offs that leave retail investors holding the bag.
Bitget launches ‘preOPAI’ amid market manipulation claims
Bitget has launched “preOPAI” on its IPO Prime platform, despite the exchange and the LAB team not having publicly responded to the accusation by ZachXBT of market manipulation following a $480 million LAB withdrawal.
The preOPAI token offers tokenized economic exposure to OpenAI, with a subscription price of $725 per token, implying a company valuation of $898 billion. The total supply is only 29,082 tokens.
Issued by Republic on Solana as a debt obligation for non-US investors, preOPAI tracks OpenAI’s share performance, which determines the payout after an IPO or liquidity event. Crucially, the token does not grant the holder any equity, voting rights, or dividends.
Making digital assets practical for daily use, Bitget launched its crypto-powered Bitget Card across the Asia-Pacific (APAC) region. This card, a collaboration with Visa and DCS introduced in March 2026, facilitates the seamless spending of cryptocurrency at more than 150 million Visa-accepting merchants globally.
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