On April 20, ZachXBT raised questions on how Kraken listed Memecore’s M token for spot trading on July 3, 2025, mentioning $7.9 million in suspicious withdrawals to 18 new wallets and a team wallet depositing 5.3 million M tokens on the exact listing day. The on-chain investigator allegedly mentioned the price manipulation that increased the M’s market capitalization to $6 billion with $18 billion FDV. Despite these serious allegations, M token’s price soared by around 3% in the last 24 hours after a recognition from Grayscale. On April 20, a very popular on-chain sleuth, ZachXBT, raised serious questions on a very renowned cryptocurrency exchange, Kraken, that shook the entire crypto community. On April 20, ZachXBT raised questions about how the crypto exchange decided to list MemeCore’s M token for spot trading on July 3, 2025. Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence? $7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now). Insiders have manipulated the price to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ — ZachXBT (@zachxbt) April 20, 2026 ZachXBT Questions Kraken’s Due Diligence Over MemeCore (M) Listing In the detailed post on X, ZachXBT mentioned suspicious movements of millions of dollars worth of M tokens right around the time of listing. He suggested that insiders may have used the listing event to push the token’s price much higher. The token reached a market capitalization of $6 billion and a fully diluted valuation of $18 billion during this event. ZachXBT warned that while insiders benefit from this, normal traders could be left holding the bag once the price corrects. The on-chain investigator broke down his findings in simple terms for regular traders to understand. He first mentioned big withdrawals coming from the Kraken exchange. About $7.9 million worth of M tokens were withdrawn from the exchange to 18 different new wallet addresses shortly after or around the time of listing. Those wallets now hold around $11.7 million M tokens, and the current value of that holding is around $39.8 million. Look at the liquidity onchain for its $M token lol pic.twitter.com/hMYCUmD8Dx — ZachXBT (@zachxbt) April 20, 2026 ZachXBT also mentioned insider deposits that happened on the very day of listing. A wallet suspected to belong to the MemeCore team, which received 200 million M tokens at launch, sent 5.3 million tokens directly to two Kraken deposit addresses on the exact same day of July 3, 2025. This timing raised questions about whether the team had advance knowledge or special access around the listing event. Kraken is one of the biggest cryptocurrency exchanges for spot trading. It is one of the few major exchanges that offers spot trading for M, and ZachXBT says this has helped enable price manipulation. The availability of spot trading on a major platform like Kraken gives the token a level of legitimacy and access that many smaller tokens do not have. ZachXBT has also pointed out a major gap between the project’s public updates and its market valuation. The MemeCore team’s recent updates mostly talk about $66 million in trading volume on their launchpad and thousands of users gained through paid incentive campaigns. According to him, the team has not shown much real product progress that would normally justify a huge market capitalization. In the latest post on X, the on-chain sleuth directed a direct question to Kraken exchange. He asked why the crypto exchange decided to list M tokens for spot trading, and how exactly the token passed the exchange’s due diligence checks. Despite such serious allegations of insider trading on the leading crypto exchange, MemeCore’s price has soared by around 3%, increasing its value to $3.54 with a market capitalization of $4.58 billion, according to CoinMarketCap . MemeCore is a leading Layer 1 blockchain made for “Meme 2.0.” While traditional memecoins just rely on temporary hype, MemeCore wants to change that by turning internet memes into real communities with economic value. It has a native token called M, which users use to pay fees, stake, vote, and earn rewards. The project also has features like MemeX. It is an easy no-code launchpad for new meme tokens. The project recently got recognition from Grayscale. Also Read: Aave Hit by KelpDAO rsETH Hack, AAVE Price Slides Below $100
