A large LAB token movement out of Bitget has drawn fresh scrutiny from on-chain investigator ZachXBT, who used the incident to escalate broader criticism of the exchange and the people he believes hold real influence behind it.
Lookonchain tracked ten fresh wallets withdrawing 100 million LAB from Bitget over a 12-hour window. The tokens were valued at about $480.33 million at the time of the alert and represented 32.26% of LAB’s circulating supply. The movement was notable because the wallets were newly created, the amount was large relative to circulating supply, and the withdrawals came from a centralized exchange rather than a gradual onchain accumulation pattern.
ZachXBT’s reply shifted the discussion from the wallet cluster to Bitget’s internal accountability. He claimed Shawn Liu is the “Bitget big boss” and alleged that Gracy Chen functions mainly as the public face of the company. He also accused what he called a Chinese centralized exchange cartel of operating without meaningful challenge and suggested he may increase public attacks against Bitget.
Those claims remain allegations from ZachXBT, not confirmed findings from a regulator, court filing, or Bitget statement. Still, they carry weight in crypto markets because ZachXBT has built a reputation for tracing suspicious flows, exposing scams, and challenging exchanges or market participants when he believes their controls have failed.
The latest withdrawals follow earlier LAB activity that had already raised questions around concentrated supply and exchange routing. On April 24, a Bitget-hosted news item citing Arkham monitoring said suspected LAB core-linked addresses transferred 100 million LAB to three Bitget deposit addresses. That amount was then worth about $64.96 million and accounted for roughly 43.4% of the circulating supply at the time.
The new Lookonchain alert described a different direction of movement: 100 million LAB leaving Bitget into ten fresh wallets. Large exchange withdrawals are not automatically proof of wrongdoing. They can reflect custody restructuring, market-maker activity, private allocations, treasury management, or coordinated distribution. The risk signal comes from the size of the flow relative to circulating supply, the use of fresh wallets, and the recent history of concentrated LAB movements around Bitget-linked addresses.
Bitget’s public leadership structure also became part of the story because ZachXBT named individuals directly. Gracy Chen became Bitget CEO in May 2024, succeeding Sandra Lou. ZachXBT’s post, however, argued that public-facing leadership does not capture the exchange’s deeper decision structure and named Shawn Liu as the person he believes is more central to Bitget’s operations.
Bitget has not issued a detailed public response to ZachXBT’s latest criticism, and the ten wallets remain the immediate focus for traders tracking LAB liquidity. The hard data is already enough to make the episode market-sensitive: 100 million LAB moved out of Bitget in 12 hours, nearly one-third of circulating supply, after an earlier 100 million LAB transfer into Bitget-linked deposit addresses had already been flagged in April. ZachXBT’s post turns that flow into a broader pressure point for the exchange, with the next visible signal likely to come from whether those fresh wallets hold, split supply, route tokens back to exchanges, or trigger another sharp move in LAB.
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