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Crypto scams appear to be peaking in 2026, with some promoted through tokens that can look legitimate. One such token, LAB, has been flagged by on-chain investigator ZachXBT, with activity largely centered on BNB Smart Chain.
According to Lookonchain, the LAB developer team distributed about 100 million LAB tokens—valued at $480.33 million—across 10 wallets associated with Bitget. Lookonchain said this distribution represented more than 32% of the token’s circulating supply.
Lookonchain also reported that the Bitget wallet still holds another 159 million LAB tokens, which the team may distribute as well. The distribution pattern was compared to RaveDAO (RAVE), where the memecoin surged ahead of a similar distribution.
While large exchange outflows can be consistent with accumulation in normal market conditions, the LAB case drew suspicion. ZachXBT’s concerns were tied to the concentration of holdings: the team’s wallets reportedly control around 98% of the circulating supply, while more than 19,000 holders collectively hold about 2%.
ZachXBT accused Bitget of allowing scams to operate on its trading platform. He referenced a history of Chinese centralized exchanges allegedly going unchallenged as long as they profited. In response to Lookonchain’s LAB transaction data, ZachXBT said: “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 urged the public to be vocal and increase pressure on Bitget. Some Chinese accounts reportedly attacked the investigator as racist, but without providing evidence. ZachXBT also advised users to be cautious, adding: “Your funds are only safe when you are an insider not a retail trader.”
On trading charts, LAB was reported to be starting to mirror RAVE’s price movement. LAB reached an all-time high of $6.63, with market capitalization rising to $1.61 billion. After the peak, LAB’s market cap reportedly fell by about 42% following ZachXBT’s comments.
Whales were reportedly holding more than $78 million in long positions, including over $40 million in unrealized profits. As the price declined, more than $15 million in long positions were liquidated, according to the article. The combination of distribution activity, concentration of supply, and liquidation dynamics was presented as a potential warning sign, though the article noted it was not confirmed.
The article’s final summary described LAB’s surge to a new all-time high alongside the team’s distribution of 100 million LAB tokens across 10 wallets, while emphasizing ZachXBT’s claim that the team controls roughly 98% of the circulating supply.
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