ZachXBT Targets LAB After 12-Fold Surge, Alleges Founder Manipulated Price

Source

Uk Jin

Summary

ZachXBT said the founder of crypto project LAB was involved in market manipulation on centralized exchanges (CEXs) that harmed retail investors.
He said he had tried to contact LAB's founder privately but got no response, and accused such scammers of destroying the last remaining trust in the crypto industry.
LAB has surged more than 12-fold over the past month and was trading at $4.40, up 29.26%%, as of 8:10 p.m. in South Korea on May 7.

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On-chain investigator ZachXBT has criticized LAB, a cryptocurrency project that has surged sharply in recent weeks.

In a post on X on May 7, ZachXBT said LAB's founder "says all the right things publicly" while participating in market manipulation on centralized exchanges, or CEXs, that harms retail investors.

He also said he had tried to contact the founder privately to verify the facts, but got no response even though the message had been read. "Scammers like this are destroying the last remaining trust" in the crypto industry, he wrote.

LAB has drawn market attention after soaring more than 12-fold over the past month. As of 8:10 p.m. in South Korea on May 7, the token was trading at $4.40, up 29.26% from a day earlier, according to CoinMarketCap.

LAB