ZachXBT Calls Bitget Part of a ‘Chinese CEX Cartel’ After $480 Million LAB Withdrawal

Crypto investigator ZachXBT and accused the exchange of allowing scams to operate behind the scenes after blockchain analytics account Lookonchain from the platform within 12 hours.

Lookonchain said the withdrawals were worth about $480.33 million, representing 32.26% of LAB’s circulating supply. The post linked to an Arkham Intelligence entity page tracking the wallets involved, which quickly triggered debate about Bitget’s relationship with controversial token activity and exchange listings.

The withdrawals quickly drew attention across crypto social media because of earlier allegations surrounding LAB token trading activity and Bitget’s role in listing or facilitating trading for projects accused of insider-controlled price action.

In a reply to the post, ZachXBT escalated his criticism directly toward Bitget leadership.

“Shawn Liu is the Bitget big boss who allows these scams to operate behind the scenes while Gracy Chen is only the face of it,” ZachXBT wrote.

“The Chinese CEX cartel has gone unchallenged for years and doesn’t care as long as they benefit from the activity. I think it is almost time to increase public attacks against Bitget.”

ZachXBT Previously Accused LAB of Coordinated Trading Activity

Days earlier, ZachXBT publicly and questioned why Bitget had not provided updates on a separate investigation involving another token called RAVE.

“Why has there been no update on the RAVE investigation from your compliance team while LAB is running yet another market manipulation scheme via Bitget spot?” he wrote in a post directed at Bitget CEO Gracy Chen.

ZachXBT also for information tied to alleged LAB market manipulation. He requested evidence, including market-maker contracts, insider communications, payment records, and identifying information connected to LAB founder @vsadkovv.

Additional allegations circulated online shortly afterward. Some blockchain researchers claimed wallets tied to LAB insiders accumulated large amounts of tokens at low prices before depositing them to exchanges near local market peaks.

One analysis by EmberCN, a blockchain analytics firm, shared across crypto social media, alleged that before moving them to Gate.io and KuCoin after the token surged in price.

Separate claims from on-chain analyst Specter in multiple batches before major price rallies.

LAB Token spikes above $6 before retracing to $4.58. Source: https://coinmarketcap.com/currencies/lab/

RAVE Became the Earlier Flashpoint Between ZachXBT and Bitget

The conflict between ZachXBT and Bitget intensified weeks earlier during the controversy surrounding the RAVE token.

In April, and alleged that trading activity tied to the token was on several centralized exchanges, including Bitget, Binance, and Gate.io.

The accusations gained widespread attention after RAVE’s market capitalization rapidly increased before collapsing.

Bitget CEO Gracy Chen later said into the token following the allegations.

Who Is ZachXBT?

ZachXBT is a pseudonymous on-chain investigator known for tracing crypto scams, wallet clusters, phishing groups, insider trading claims, and stolen-fund movements.

He has built a large following by publishing wallet-based investigations on X and Telegram, and often uses blockchain data, exchange deposit patterns, social links, and leaked material to connect suspicious activity. His work has been cited across the crypto industry, especially in cases involving hacks, market manipulation claims, phishing groups, and insider-linked wallets.