Key Takeaways:
Kraken joined Bitget and Binance on April 20 in ZachXBT’s expanding M token manipulation probe. Memecore’s 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 of manipulators. Kraken Named Alongside Bitget and Binance in M Manipulation ThreadZachXBT 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.
As things stand, Kraken, Binance, and Bitget have not been charged with any wrongdoing, nor have they issued public statements regarding the development.
