It’s almost funny how obvious this $LAB scam is, yet nobody seems to be doing anything about it.
The token is up another 2x this week and is now trading at an $8.6 BILLION FDV.
It’s pretty clear that shady market makers are painting the chart to lure in retail traders and then extract liquidity from them. The sad part is that something like this is only possible with the supportof CEXs, since you’d need fee-exempt accounts to pull it off at scale. Otherwise, the costs would be far too high.
For example, if you look at DEXs like PancakeSwap, there’s so little liquidity for a token supposedly worth nearly 11-digits that a $10,000 buy order would move the price by more than 70%.
That’s absurd.
One thing is certain: there will always be shady founders trying to get rich through scams. That’s just the unfortunate reality of human nature, and it’s a problem that exists in every industry.
What I find even more disappointing is that major industry players like @Gate, @kucoincom, and @bitget are willing to facilitate this kind of activity just to make a quick buck, even though it damages the very industry they operate in. It shows how short-term and purely profit-driven their thinking is without any moral.