After an investor named Brisk Capital announced that he had closed his $LAB short position at a loss of $2.1 million, the token lost approximately 73% of its value in about an hour.

In a statement following the decline, the investor said that he was the target and that the drop began when he closed his position.

$BTC

BTC

66,079.99

+0.55%

$ETH

ETH

1,772.11

+3.12%

$LAB

LABUSDT

Perp.

9.924

-6.19%