Onchain investigator ZachXBT has expanded his probe into the M token (Memecore project) to include Kraken, calling it one of the primary venues enabling ongoing suspicious price activity. The move, announced on April 20, follows previous findings that had mostly linked Bitget and Binance to the manipulation scheme.
Key Findings
- Kraken joins Bitget and Binance in ZachXBT's widening M token manipulation investigation.
- M token carries a market capitalization of approximately $6.5 billion but only $66 million in total native app trading volume.
- Wallets linked to insiders hold more than 90% of the token's supply.
- ZachXBT urges exchanges to freeze accounts of manipulators and distribute recovered funds to affected users.
Glaring Discrepancies in Token Metrics
ZachXBT highlighted a core contradiction in M token's market data: despite ranking among the top 20 tokens by market cap across major tracking platforms, the token's native application has generated only $66 million in total trading volume. In a direct challenge to the Memecore team, he asked: “Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90%.”
Onchain analysis suggests that exchanges received M tokens as part of listing fees or liquidity arrangements. ZachXBT accused Kraken, Binance, and Bitget of being complicit in the manipulation by continuing to list the token despite visible red flags in its price action.
Broader Pattern and Industry Response
The M token investigation runs parallel to ZachXBT's earlier thread on RAVE, a token he described as “one of the most blatant examples of manipulation” before it collapsed 95% from its peak. Other projects flagged for additional scrutiny include SIREN, MYX, COAI, PIPPIN, and RIVER.
ZachXBT has also questioned how the community can pressure exchanges beyond public social media campaigns. He argued that exchanges should freeze manipulator accounts and distribute recovered funds to affected users. As of now, Kraken, Binance, and Bitget have not been charged with any wrongdoing nor issued public statements regarding the allegations.