Kraken, Binance, and Bitget Implicated in M Token Manipulation Probe
- On April 20, ZachXBT expanded his probe into the M token manipulation, identifying Kraken as a key venue alongside Binance and Bitget.
- The M token from Memecore has a market capitalization of approximately $6 billion but only $66 million in total app volume.
- Insiders hold more than 90% of the M token’s supply, raising concerns about market manipulation.
- ZachXBT suggests that exchanges received M tokens as listing fees or liquidity arrangements, implicating them in potential manipulation activities.
- Despite red flags, major exchanges have continued to list such tokens without addressing manipulation concerns publicly.
ZachXBT’s investigation into the M token highlights significant discrepancies between its market cap and trading volume, with insider concentration further complicating its legitimacy. The involvement of major exchanges like Kraken and Binance underscores the need for greater scrutiny and accountability in token listings.
