{"id":71408,"date":"2026-04-20T13:40:21","date_gmt":"2026-04-20T13:40:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/zachxbt-flags-kraken-as-key-venue-in-m-token-manipulation-cites-6b-cap-against-66m-in-app-volume\/"},"modified":"2026-04-20T13:40:21","modified_gmt":"2026-04-20T13:40:21","slug":"zachxbt-flags-kraken-as-key-venue-in-m-token-manipulation-cites-6b-cap-against-66m-in-app-volume","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/zachxbt-flags-kraken-as-key-venue-in-m-token-manipulation-cites-6b-cap-against-66m-in-app-volume\/","title":{"rendered":"ZachXBT Flags Kraken as Key Venue in M Token Manipulation, Cites $6B Cap Against $66M in App Volume"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight:400\">Kraken joined Bitget and Binance on April 20 in ZachXBT\u2019s expanding M token manipulation probe.<\/span><\/li>\n<li>Memecore\u2019s M carries a $6B <span>market cap<\/span> but only $66M in total app <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-trading-volume\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">volume<\/a>, with insiders holding 90%.<\/li>\n<li>Kraken, Binance, and Bitget have not responded; ZachXBT urges exchanges to freeze accounts of manipulators.<\/li>\n<\/ul>\n<h2><span style=\"font-weight:400\">Kraken Named Alongside Bitget and Binance in M Manipulation Thread<\/span><\/h2>\n<p><span style=\"font-weight:400\">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 <a href=\"http:\/\/%5B\/rave-crashes-68-as-binance-and-bitget-investigate-manipulation-claims\/\">linked<\/a> to Bitget and Binance.<\/span><\/p>\n<figure id=\"attachment_807629\" aria-describedby=\"caption-attachment-807629\" style=\"width:741px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-807629\" class=\"wp-caption-text\">Image source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight:400\">The M token, associated with the Memecore project, currently carries a <a href=\"https:\/\/www.coingecko.com\/en\/coins\/memecore\" target=\"_blank\" rel=\"noopener noreferrer\">market capitalization<\/a> of approximately $6.5 billion, placing it in the top 20 across major tracking platforms. ZachXBT flagged a core discrepancy in that figure, <a href=\"https:\/\/x.com\/zachxbt\/status\/2046181176935846102\" target=\"_blank\" rel=\"noopener noreferrer\">highlighting<\/a>: <\/span><span style=\"font-weight:400\">\u201cThe greatest achievement is $66M total <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-trading-volume\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">trading volume<\/a> on an app, yet the token is at $6B <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-market-cap\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">market cap<\/a>.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">The insider concentration has been a second point of concern, with onchain data showing wallets linked to insiders hold more than 90% of M\u2019s supply. In a direct challenge to Memecore, ZachXBT <\/span><a href=\"https:\/\/twitter.com\/zachxbt\/status\/2046068618082095298\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight:400\">asked<\/span><\/a><span style=\"font-weight:400\">: \u201cPlease provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold &gt;90%.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">On the exchange involvement specifically, ZachXBT noted that onchain flows suggest the exchanges received M tokens as part of listing fees or <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-liquidity\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">liquidity<\/a> arrangements, calling them complicit in the manipulation.<\/span><\/p>\n<h2><span style=\"font-weight:400\">The Pattern After RAVE<\/span><\/h2>\n<p><span style=\"font-weight:400\">The M investigation <\/span><a href=\"https:\/\/news.bitcoin.com\/fresh-manipulation-warnings-hit-other-crypto-projects-after-raves-95-collapse\/\"><span style=\"font-weight:400\">runs parallel<\/span><\/a><span style=\"font-weight:400\"> to a separate ZachXBT thread on RAVE, a token he described as \u201cone of the most blatant examples of manipulation\u201d before it collapsed 95% from its peak. Other projects highlighted by him as warranting additional scrutiny <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/2045824353875488885\" target=\"_blank\" rel=\"noopener noreferrer\">included <\/a><\/span><span style=\"font-weight:400\">SIREN, MYX, COAI, PIPPIN, and RIVER.<\/span><\/p>\n<p><span style=\"font-weight:400\">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.<\/span><\/p>\n<p><span style=\"font-weight:400\">As things stand, Kraken, Binance, and Bitget have not been charged with any wrongdoing, nor have they issued public statements regarding the development.<\/span><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/zachxbt-flags-kraken-m-token-manipulation\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways: Kraken joined Bitget and Binance on April 20 in ZachXBT\u2019s expanding M token manipulation probe. Memecore\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":71409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71408"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=71408"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/71409"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=71408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=71408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=71408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}