LAB plunges below $2 after 90% crash as insider-linked transfers emerge

LAB extended its collapse to roughly 90% over 48 hours, dropping from nearly $17 on Tuesday to as low as $1.25 on Wednesday, while newer reporting cited a fall from $17.68 to $1.05 since 07.06. The selloff erased a market capitalization that had topped $5 billion and coincided with a suspected insider address transferring 7.99 million LAB, worth about $9.24 million, to three new addresses after those holdings had been valued at $141 million three days earlier. LAB Trade said its roadmap remains unchanged, blamed significant selling pressure from large market participants, and later said it burned tokens equal to 1% of total supply as a first step to rebuild trust. The crash also intensified scrutiny of earlier allegations from ZachXBT and others that insiders controlled most of the circulating supply and enabled manipulation on centralized exchanges, prompting renewed criticism of Binance, Bitget and Gate ahead of investor unlocks later in July 2026.