- Zach XBT increasingly accuses small projects of manipulation.
- Having failed to contact LAB founder Vova Sadkov via private messages, Zach XBT announced a reward for information on the alleged pump and dump scheme.
Blockchain researcher Zach XBT accused Vova Sadkov, the founder of an artificial intelligence trading terminal project called LAB, of market manipulation. He also offered a $10,000 reward for information related to the alleged scam.
According to Zach XBT and other experts, the LAB team allegedly coordinated mass deposits of LAB tokens worth tens of millions of dollars on exchanges such as Bitget, bybit и Binance, before the sharp price jump in early May.
A $10,000 reward is now available for providing passport/ID or inside information on a market maker (contracts, chat logs, etc.) used for LAB on the Bitget spot market, Binance, bybit or OKThese scammers are causing further damage to the industry’s reputation and this should not go unpunished, wrote Zach XBT on social network X.
The expert also explained that he had previously sent private messages to the team but received no response, so he decided to take more decisive action. He also publicly addressed Bitget CEO Gracie Chen, whom he accuses of profiting from fees charged on manipulated tokens.
Cryptocurrency exchanges should freeze profits from fraudulent schemes and distribute them among users (victims) when such schemes surface. They shouldn’t rely on people to spot them themselves. wrote Zach XBT.
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