Then why are over 2 million shares still in the initial account?the scam makes 0 sense unless all the shares were traded. Burnside said the other day 66% of shares are still in the initial account. A sensible answer is that wang and other team members have been paid the shares.
Data on this:
Labcoin's statement (asset news):
Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.
This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.
0.75 x 3,000,000 = 2,250,000.
First response from burnside:
I hope the LABCOIN guys don't mind me disclosing this. Over 85% of the 3 million shares have not left a specific account I know is held in the Labcoin name. The other 15% could easily be held in any of the next few top shareholders, but I am not privy to who is who without some assistance.
0.85 x 3,000,000 = 2,550,000
Latest, but somewhat fuzzy response:
I see ~2 million currently held in their account. I do not know however if some were sold, or if they were simply transferred to another account that is also a holding account. So this is inconclusive information.
And also:
Some amounts of shares were used as payouts for team members, ...
I won't draw any conclusion, it's up to subjective interpretation of the situation given the vague facts.