ZachXBT Names Kraken in M Token Scandal – Crypto Circus

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Onchain investigator ZachXBT has named Kraken as a key enabler of M token manipulation, pointing to a market cap around $6 billion backed by a mere $66 million in native app volume, with insiders hoarding more than 90% of the supply. Yes, the plot thickens, and apparently the soap opera has better liquidity than your savings account.

Key Takeaways:

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

Kraken Named Alongside Bitget and Binance in M Manipulation Thread

ZachXBT extended his probe into the M token on April 20, identifying Kraken as a major venue enabling the ongoing suspicious price activity. The finding came after an onchain review of transaction flows and surprised some, since earlier findings had mostly linked the issue to Bitget and Binance.

Image source: X

The M token, tied to the Memecore project, sits at roughly a $6.5 billion market capitalization, placing it in the top 20 on major trackers. ZachXBT flagged a glaring inconsistency: a $66M total trading volume on the app versus a $6B market cap. “The greatest achievement is $66M total trading volume on an app, yet the token is at $6B market cap,” he noted.

The insider concentration is another hot potato, with onchain data showing wallets linked to insiders controlling more than 90% of M’s supply. ZachXBT even challenged Memecore publicly: “Please provide a single data point to support your $6B market cap at a top 20 token and why insiders hold >90%.”

Regarding exchange involvement, onchain flows suggest exchanges received M tokens as part of listing fees or liquidity arrangements, raising questions about their complicity in the manipulation.

The Pattern After RAVE

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 about 95% from its peak. Other projects highlighted by him for closer scrutiny included SIREN, MYX, COAI, PIPPIN, and RIVER.

ZachXBT has also questioned how the community can pressure 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 obvious 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 developments.

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2026-04-20 16:59