ZachXBT posted an article questioning the illegal operation of Kraken's listing on M

Comparing the news, on-chain detective ZachXBT posted on social media questioning Kraken's previous launch of M (Memecore) spot trading on July 3, 2025.

ZachXBT said the suspicious funds worth $7.9 million were withdrawn from Kraken to 18 newly built addresses, which currently hold a total of 11.7 million M's (worth $39.8 million at current prices).

Insiders have manipulated the price to a market capitalization of $60 billion (fully diluted valuation of $180 billion), and Kraken is one of the few platforms that support M spot trading.

In a recent announcement, the team's only shared achievement was the total trading volume of $66 million on its Launchpad and the thousands of users claimed from its motivational InfoFi campaign.