ZachXBT slams Bitget execs over suspicious $480M withdrawals

ZachXBT criticizes Bitget executives over suspicious $480M withdrawals, alleging their involvement in facilitating scams on the cryptocurrency exchange.

The world of cryptocurrency often teems with excitement and potential, but it's also riddled with risks and controversies. One such situation unfolded recently when crypto investigator ZachXBT raised alarms about suspicious withdrawals from the Bitget exchange. What Happened with the Bitget Exchange? In a startling revelation, ZachXBT claimed that executives at Bitget are indirectly facilitating scams through their platform. The investigation centered around the withdrawal of a staggering **$480 million** worth of LAB tokens, which amounts to **32%** of the total LAB supply. This massive sum was withdrawn from Bitget through **ten new wallets** in a mere 12 hours. Who Are the Players Involved? The issuer of the LAB token is a firm also named LAB, claiming to deliver advanced trading infrastructure with an "AI research engine." Fellow crypto sleuth Specter Analyst highlighted that the LAB team had previously deposited millions of dollars' worth of LAB tokens onto Bitget, all before a price surge in early May. This has led many, including ZachXBT, to suspect a **coordinated pump-and-dump scheme** that Bitget seemingly profits from. What Is ZachXBT Saying? ZachXBT did not hold back in his accusations. He called out Shawn Liu, Bitget’s founder, as the “big boss” aiding in these alleged scams, while referring to CEO Gracy Chen as merely the public face of the operation. According to ZachXBT, Bitget has remained unchallenged for years and benefits from such dubious activities, stating, “These grifters are further hurting the industry reputation and it must not go unpunished.” How Did This Activity Get Noticed? Crypto analytics platform Lookonchain discovered the unusual LAB withdrawals from Bitget and shared the critical findings. The situation has raised eyebrows not just at Bitget but across the crypto landscape, as the integrity of trading practices is vital for sustaining industry trust. Bitget's Previous Issues Bitget is no stranger to scrutiny. Just last month, the