- On April 20, ZachXBT raised questions about how Kraken listed Memecore’s M token for the July 3, 2025 spot sale, citing $7.9 million in suspicious withdrawals from 18 new wallets and a team wallet that posted 5.3 million tokens on the actual day.
- An investigator on the chain allegedly identified a price fraud that increased M’s market to $6 billion and $18 billion FDV.
- Although this was predicted, the price of the M symbol increased by about 3% in the last 24 hours after the detection from Grayscale.
On April 20, the most popular artist on the chain, ZachXBT, raised serious questions about the popular cryptocurrency exchange, Kraken, which shook the entire crypto community. On April 20, ZachXBT raised questions about how the crypto exchange decided to register the MemeCore M token for trading on July 3, 2025.
Why Kraken wrote $M (Memecore) on July 3, 2025 on the site and how was it done safely?
$7.9M in suspicious Kraken removal to 18 newly created addresses and 11.7 $M everything has been (valued at $39.8M now).
The entrants turned the price into a $6B market ($18B FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026
ZachXBT Questions Kraken’s Due Diligence Over MemeCore (M) Listing
In the X post, ZachXBT mentioned the suspicious movement of M million tokens at the time of the post. He added that insiders may have used the listing to push the price of the brand even higher. The brand reached a market value of $6 billion and a total valuation of $18 billion at the event.
ZachXBT warned that while insiders benefit from this, normal traders may be left holding the bag when the price corrects.
A researcher on the chain broke down his findings into simple terms for regular traders to understand. First he mentioned the big money coming from Kraken exchange. About $7.9 million worth of M tokens were withdrawn from the exchange to 18 new wallet addresses shortly after or around the time of writing. The wallets now have tokens worth $11.7 million, and the current value they have is around $39.8 million.
Check the liquidity on its chain $M mark lol pic.twitter.com/hMYCUmD8Dx
— ZachXBT (@zachxbt) April 20, 2026
ZachXBT also listed internal deposits that were made on the same day. A wallet believed to belong to the MemeCore group, which received 200 million M tokens at launch, sent 5.3 million tokens directly to two Kraken deposit addresses on the same day of July 3, 2025. This time raised questions about whether the group had advance knowledge or special opportunities around the record event.
Kraken is one of the biggest cryptocurrency exchange about land sales. It is one of several major exchanges that offer M trading, and ZachXBT says that this has helped control prices. The availability of real estate trading on a large platform such as Kraken gives the token legitimacy and opportunity that many smaller tokens do not have.
ZachXBT has also shown a significant difference between the public update and its market valuation. The latest updates of the MemeCore team usually talk about $66 million in sales during their opening campaign and the thousands of users they acquired through paid contests. According to him, the group did not show real progress in medicine that would usually accept a lot of money from the market.
In a recent post on X, a chain operator directed a direct question to the Kraken exchange. He asked why the crypto exchange decided to list the M token trading site, and how exactly the token won the exchange because of the urgency of the checks.
Despite the huge claims of insider trading on the leading crypto market, the price of MemeCore has increased by almost 3%, increasing its value to $3.54 with a market capitalization of $4.58 billion, according to CoinMarketCap price.
MemeCore is an advanced Layer 1 blockchain designed for “Meme 2.0.” While traditional memecoins only rely on temporary hype, MemeCore aims to change this by turning internet memes into real communities with economic value. It has a natural token called M, for which users pay fees, costs, vote, and earn rewards. This project also has features like MemeX. It’s an easy to use meme token generator. The project was recently announced from Grayscale.
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