PiggyBank Protocol
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 32 → 52. Problems weighed by who is responsible: concerns that are not fraud −16.4, problems around the subject, caused by others −3.3, incidents the subject suffered −3.2. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -16.4 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -3.3 |
| Sum | 42 |
Score: 52/100 (kept between 0 and 100)
How scoring works →Summary
PiggyBank Protocol is a Solana-based DeFi yield platform offering delta-neutral funding-rate arbitrage vaults across USDC, JitoSOL, and tokenized stock (xStocks) assets. On or around June 6, 2026 the protocol disclosed that a mid-cap basis trade involving locked LAB tokens had failed, producing NAV declines of approximately 15%, 12%, and 9% across its three active vaults. On-chain investigator ZachXBT publicly alleged that the protocol had exposed depositor funds to a token he characterized as a scam with over 95% insider-controlled supply, raising serious risk-management and disclosure concerns that remain unresolved as of the investigation date.
Connected Entities
10 entities · 60 linked investigations- Loopscale→mentioned with→Solana(80%)
- ZachXBT→mentioned with→Binance(60%)
- PiggyBank Protocol→mentioned with→Solana(80%)
- PiggyBank Protocol→mentioned with→Binance(60%)
- PiggyBank Protocol→mentioned with→ZachXBT(70%)
- PiggyBank Protocol→mentioned with→LAB Token(75%)
- PiggyBank Protocol→mentioned with→Drift(85%)
- PiggyBank Protocol→mentioned with→Loopscale(60%)
- PiggyBank Protocol→mentioned with→Bitget(70%)
- LAB Token→mentioned with→Binance(70%)
- + 14 more
Timeline(10 events)
October 2025
LAB token launches its token generation event, positioning as an AI-powered trading terminal.
Bitcoin News / ZachXBT investigation coverageMarch 2026
Wallets linked to LAB insiders begin accumulating approximately 226 million LAB tokens in Bitget accounts, according to ZachXBT's subsequent investigation.
CryptoTimes — ZachXBT May 2026 investigationApril 2026
Drift Protocol is hacked for approximately $285 million. PiggyBank reports $106,000 in exposure and reimburses affected users from team treasury.
Bitcoin News — Drift Protocol hack coverageMay 2026
PiggyBank enters a $100,000 OTC position in locked LAB tokens at a discount, hedged with perpetual futures shorts, as part of its stated mid-cap basis trading strategy.
crypto.news / TokenPost — LAB incident coverage11 May 2026
Approximately 100 million LAB tokens are moved to ten newly created wallets. LAB surges over 350% within 72 hours to a $6 billion FDV before crashing 65%+.
CryptoTimes — ZachXBT investigation14 May 2026
ZachXBT publishes investigation into LAB, alleging over 95% insider supply control, OTC manipulation, unilateral vesting extensions, and Bitget coordination. ZachXBT posts a $10,000 bounty for documents related to LAB co-founder Vova Sadkov.
CryptoTimes / The Block6 June 2026
PiggyBank discloses the failure of its LAB basis trade, citing 'violent manipulation,' thin liquidity, and deeply negative funding rates. The protocol announces it has closed the perpetual short hedge and will exclude the locked LAB position (valued at ~$1.35M at current prices) from NAV until August 14 unlock. Estimated vault NAV impacts: USDC -15%, SPYx -12%, JitoSOL -9%.
crypto.news / CryptoTimes / TokenPost6 June 2026
ZachXBT publicly criticizes PiggyBank, stating the protocol 'lost user assets gambling on blatant scam coins,' referencing his prior LAB investigation.
CryptoTimes7 June 2026
TokenPost and CoinCu publish coverage of the incident. PiggyBank's detailed post-mortem report, promised for 'the following week,' has not yet been published.
TokenPost14 August 2026
Scheduled first unlock of PiggyBank's locked LAB position. Protocol has stated this is the date the position will be reintroduced to NAV calculations.
crypto.news / TokenPostDecision Log
- slot 457802352 · hash 13J21bvD4e3rBV1Uc3WeL2YpvtHwwY5UNDu7ibdT9Qdq
- slot 455365056 · hash 8SksWrcdYDrBSzWnB7VLXEMsGnV7vY1AHENwxVvaBihE
- slot 425571478 · hash 8Xye872AuGWBbELEA8i7ZGkMq5omar3o4rffoTm4UwwA
- slot 425571475 · hash DwHZNSrU7RG9C5u57gL9GazXSbgg3XnwZ2bpxtGcnnSx
- slot 425406740 · hash DSQTqEHyzZWr6yk4dq8HeiHAAxouvKbdBLc1BthauYzv
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 13 of 13 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/9/2026, 9:11:24 PM
last updated: 10/10/2026, 6:45:21 PM
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