ZachXBT Questions Listing of Coin M on Kraken for Suspected Insider Trading

BlockBeats News, April 20th, On-chain detective ZachXBT posted on social media, questioning Kraken's previous spot trading listing of M (Memecore) on July 3, 2025.

ZachXBT stated that $7.9 million worth of suspicious funds were withdrawn from Kraken to 18 newly created addresses, which currently hold a total of 11.7 million M tokens (valued at $39.8 million at the current price).

Insiders have manipulated the price to a $6 billion market cap (fully diluted valuation of $18 billion), with Kraken being one of the few platforms supporting M spot trading.

In a recent announcement, the team's sole "achievement" shared was a $66 million total trading volume on its Launchpad, along with claiming thousands of "users" from its incentivized InfoFi event.