ZachXBT names Kraken, Binance and Bitget in M token probe
On April 20, onchain investigator ZachXBT named Kraken, Binance and Bitget in a probe of Memecore’s M token, citing a roughly $6B market cap, $66M app volume and over 90% insider holdings.
On April 20, onchain investigator ZachXBT expanded his probe into Memecore’s M token and identified Kraken alongside Binance vs Bitget after tracing onchain transaction flows. He flagged a gap between the token’s reported market capitalization, about $6 billion, and roughly $66 million in recorded trading on the token’s native app, and posted that wallets tied to project insiders hold more than 90% of the supply.
In a post on X, he wrote: “The greatest achievement is $66M total trading volume on an app, yet the token is at $6B market cap.” He identified Kraken as a primary venue based on his tracing of token movements between wallets and exchange addresses.
His thread states that the onchain flows point to exchanges receiving M tokens as part of listing fees or liquidity arrangements. He argued those flows link the platforms to the token’s price activity and called for greater action by exchanges.
Major tracking sites list M among the top 20 tokens by market capitalization. In a follow-up post, ZachXBT challenged the Memecore team: “Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90%.” His analysis uses wallet records to show concentration of supply while native app trading remains limited.
The M investigation followed a separate thread on RAVE, which ZachXBT described as “one of the most blatant examples of manipulation” before it fell about 95% from peak levels. He has also flagged other projects for review, including SIREN, MYX, COAI, PIPPIN and RIVER.
ZachXBT urged exchanges to freeze accounts linked to manipulators and to return funds to affected users rather than relying only on public pressure. Kraken, Binance and Bitget have not issued public responses and have not been charged with wrongdoing.
The findings are based on blockchain transaction records and onchain wallet analysis that, according to his posts, show patterns he considers inconsistent with ordinary market activity. His public naming of multiple exchanges reflects a growing use of onchain tracing to map token flows and press platforms for remedial action.
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