• Kraken joined Bitget and Binance on April 20 in ZachXBT’s expanding M token manipulation probe.
• Memecore’s M carries a $6B market cap but only $66M in total app volume, with insiders holding 90%.
• Kraken, Binance, and Bitget have not responded; ZachXBT urges exchanges to freeze accounts of manipulators.

ZachXBT extended his manipulation probe into the M token on April 20, identifying Kraken as one of the primary venues enabling its ongoing suspicious price activity. The finding followed an onchain review of transaction flows and came as a noted surprise, as previous findings had mostly been linked to Bitget and Binance.

Image source: X

The M token, associated with the Memecore project, currently carries a market capitalization of approximately $6.5 billion, placing it in the top 20 across major tracking platforms. ZachXBT flagged a core discrepancy in that figure, highlighting: “The greatest achievement is $66M total trading volume on an app, yet the token is at $6B market cap.”

The insider concentration has been a second point of concern, with onchain data showing wallets linked to insiders hold more than 90% of M’s supply. In a direct challenge to Memecore, ZachXBT asked: “Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90%.”

On the exchange involvement specifically, ZachXBT noted that onchain flows suggest the exchanges received M tokens as part of listing fees or liquidity arrangements, calling them complicit in the manipulation.

The M investigation runs parallel to a separate ZachXBT 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 highlighted by him as warranting additional scrutiny included SIREN, MYX, COAI, PIPPIN, and RIVER.

ZachXBT has also raised the question of how the community applies pressure on exchanges beyond public social media campaigns, arguing that exchanges should freeze manipulator accounts and distribute recovered funds to affected users. He also noted that large exchanges have continued listing these tokens despite visible red flags in their price action.

As things stand, Kraken, Binance, and Bitget have not been charged with any wrongdoing, nor have they issued public statements regarding the development.

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