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ZachXBT said it has identified Shawn Liu as the real operator of Bitget, describing CEO Gracy Chen as only “the face” of the exchange. The investigator warned of an imminent escalation against what it called the “Chinese CEX cartel” and offered $10,000 for evidence of LAB token manipulation. Bitget and Shawn Liu have not publicly responded to the accusations so far.
ZachXBT’s “Chinese CEX cartel” refers to centralized exchanges of Asian origin that, according to the investigator, knowingly benefit from inflated trading volumes through internally coordinated tokens. The report attributes the pattern’s persistence to the lack of a regulatory authority with clear jurisdiction over these actors.
The latest case cited by ZachXBT involves the LAB token. In early May, the token’s price rose more than 350% over a 72-hour period.
According to onchain data referenced in the article, wallets linked to the LAB team transferred approximately 96 million tokens—valued at around $63 million—to Bitget before the price spike. ZachXBT characterized the transfer as consistent with positioning ahead of a coordinated pump.
ZachXBT identified Vova Sadkov, also known as vsadkovv, as the architect of the scheme. The investigator offered a $10,000 bounty to anyone who can provide definitive evidence of LAB market manipulation.
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