The onchain investigator said Shawn Liu allowed scams to operate at Bitget and linked the exchange to a "Chinese CEX cartel" after 10 newly created wallets withdrew 100 million LAB tokens.
Onchain investigator ZachXBT said Shawn Liu allows scams to operate "behind the scenes" at Bitget and described the platform as part of a "Chinese CEX cartel" following the withdrawal of 100 million LAB tokens valued at $480 million. According to the post, the funds were withdrawn by 10 newly created wallets. The claim centers on activity involving a centralized exchange (crypto trading platform run by a company), where large token withdrawals by fresh wallets can draw scrutiny because they may indicate coordinated movement of funds, market manipulation concerns, or internal control issues. The source provides allegations by ZachXBT but does not include a response from Bitget or Shawn Liu.