The community accuses the Bitlight Labs development team of manipulating the price $LIGHT
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From a valuation of 2 billion USD, the governance token LIGHT of Bitlight Labs lost 88% of its value in a short time, causing many investors to incur losses. The community raised questions that the development team may have prepared plans to manipulate LIGHT and sell off the token.
The cryptocurrency community on X has continuously posted articles accusing the Bitlight Labs team, based on on-chain data analysis, early sale history, and a lack of transparency in communication. One of the most serious accusations revolves around withdrawing funds from the capital raised during the early sale campaign and organized liquidity withdrawals.
Many believe that the entire amount of funds raised was not used for product development as originally promised, but was instead systematically withdrawn. Some posts even claim that the technological products promoted by the project were merely marketing tools, intended to create unfounded trust among investors.
At the same time, allegations of liquidity manipulation and insider sell-offs have become increasingly common. Several on-chain analyses indicate that wallets linked to the development team sold tokens of their own project. Notably, blockchain analytics firm Lookonchain reported that at least five wallet addresses received tokens directly from the project’s smart contract and then deposited a total of 8,840,000 LIGHT to the Bitget and KuCoin exchanges for selling.
What is controversial is that the dumped tokens did not come from anonymous external wallets, but had a clear origin from the project’s smart contract. This has raised suspicions that insiders traded ahead of the community and profited from the token’s price collapse.
Additionally, the community has raised concerns about the creation of fake trading volume through bots to facilitate short-term pump-and-dump schemes. Some analyses indicate that the LIGHT smart contract received a very low trust score due to the existence of a token-minting function that increases supply. There are even claims that a small group of large wallets controls nearly the entire supply, creating conditions for price manipulation in the market.
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Community Accuses Bitlight Labs Development Team of Price Manipulation
From a valuation of USD 2 billion, Bitlight Labs’ governance token LIGHT lost 88% of its value in a short period of time, causing heavy losses for many investors. The community has raised suspicions that the development team itself had prepared a plan to manipulate LIGHT and dump the token.
The cryptocurrency community on X has continuously posted allegations against the Bitlight Labs team, based on on-chain data analysis, early sale history, and a lack of transparency in communications. One of the most serious accusations centers on the withdrawal of funds from the early fundraising campaign and the organized removal of liquidity.
Many believe that the entire amount of funds raised was not used for product development as originally promised, but was instead systematically withdrawn. Some posts even claim that the technological products promoted by the project were merely marketing tools, intended to create unfounded trust among investors.
At the same time, allegations of liquidity manipulation and insider sell-offs have become increasingly common. Several on-chain analyses indicate that wallets linked to the development team sold tokens of their own project. Notably, blockchain analytics firm Lookonchain reported that at least five wallet addresses received tokens directly from the project’s smart contract and then deposited a total of 8,840,000 LIGHT to the Bitget and KuCoin exchanges for selling.
What makes this especially controversial is that the dumped tokens did not come from anonymous external wallets, but had a clear origin from the project’s smart contract. This has fueled suspicions that insiders traded ahead of the community and profited from the token’s price collapse.
In addition, the community has also raised concerns about the creation of fake trading volume through bots to facilitate short-term pump-and-dump schemes. Some analyses show that the LIGHT smart contract received a very low trust score due to the existence of a token-minting function that increases supply. There are even claims that a small group of large wallets controls nearly the entire supply, creating conditions for price manipulation in the market.
