ZachXBT Accuses Bitget of Enabling Scams, Names Shawn Liu

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Steady attention without excessive speculation.

The accusation came in a reply to a post by LookOnChain on X. Specifically, that post showed ten fresh wallets withdrawing 100 million $LAB tokens from Bitget over the past 12 hours. As a result, the tokens were worth roughly $480 million and represented 32% of the circulating supply.

In his response, ZachXBT stated that the “Chinese centralized-exchange cartel” has operated unchallenged for years. He also added that Bitget benefits from the activity and concluded it is “almost time to increase public attacks against Bitget.”

What the On-Chain Data Shows

LookOnChain’s original post provided on-chain evidence of the large withdrawals. More specifically, the data showed ten newly created wallets pulling $LAB tokens from Bitget in a coordinated pattern. In addition, LookOnChain linked to an Arkham Intelligence entity page tracking the wallets involved.

Meanwhile, the $LAB token has faced repeated scam allegations. Critics point to low circulating supply, heavy insider control, and price action that benefits early holders.

According to on-chain analysts, approximately 95% of the $LAB supply sits with team members and insiders. Because of this concentration, the token surged from around $0.33 to nearly $4.00 in early May 2026. Peak 24-hour trading volume hit $147.86 million during that pump, as The Block reported.

ZachXBT’s Prior Investigations Into Bitget

This is not the first time ZachXBT has targeted Bitget. Previously, he exposed RAVE token insider manipulation on the platform. As a result, Bitget opened its own probe into the matter.

In this case, ZachXBT also posted a $10,000 bounty for information on the identity of @vsadkovv. He also sought details about the market maker behind LAB’s listings on Bitget spot, Bybit perps, Binance perps, and OKX perps.

Similarly, on-chain analyst SpecterAnalyst linked the $LAB wallet activity to a pattern observed in $SkyAI. That token also surged over 1,000% before collapsing.

Historically, ZachXBT’s investigations have influenced exchange policies and market behavior. For instance, his past exposures led to delistings, liquidity withdrawals, and public boycotts when exchanges facilitated rug pulls.

Who Is Shawn Liu and Why Does It Matter

Gracy Chen is Bitget’s publicly visible CEO. She has represented the platform in both media appearances and regulatory discussions. According to CoinGecko, Bitget currently ranks as the sixth-largest centralized exchange by trading volume, with 6.4% global market share.

Still, industry observers and on-chain investigators have long claimed that Shawn Liu exercises real operational control. As a consequence, ZachXBT’s accusation echoes earlier reports that portray Bitget as part of a broader network of Chinese-operated exchanges.

Critics argue that these exchanges prioritize volume and listing fees over rigorous vetting. In turn, lax listing standards combined with fast withdrawal processing create conditions for bad actors. Insiders cash out before retail holders realize the project lacks substance.

Bitget Has Not Responded Publicly

As of May 12, 2026, neither Gracy Chen nor Bitget has issued a public response to ZachXBT’s thread. In the past, Bitget defended its compliance efforts by pointing to KYC requirements, monitoring tools, and cooperation with law enforcement.

Yet ZachXBT framed the issue as systemic rather than isolated. He suggested that the exchange’s leadership structure therefore enables the pattern to persist across multiple tokens and listing cycles.

What Could Happen Next

ZachXBT has signaled he is prepared to escalate. For example, that could include further on-chain analysis, calls for boycotts, or spotlighting additional tokens with similar patterns on Bitget.

Exchanges facing sustained public pressure sometimes tighten listing standards or pause certain withdrawals. Likewise, regulatory bodies in jurisdictions where Bitget operates may open inquiries. Global regulators are already examining centralized platforms for anti-money-laundering compliance.

For $LAB holders, the immediate effect may be increased selling pressure and reduced liquidity. The withdrawals are already documented on-chain. ZachXBT has made clear his intention to keep the focus on Bitget until the exchange addresses his concerns.

This is not financial advice. Do your own research before making any trading decisions.