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

61,820.67

-2.63%

$ETH

ETH

1,650.7

-2.23%

$LAB

LABUSDT

Trvl

9.589

-22.65%