ZachXBT Flags Suspicious MemeCore Withdrawals on Kraken

ZachXBT, a renowned on-chain investigator, has raised concerns about suspicious withdrawals of MemeCore's M token on Kraken, with $7.9 million in withdrawals to 18 new wallets. The primary keyword zachxbt flags suspicious memecore withdrawals highlights the issue.

MemeCore Listing on Kraken Raises Questions

ZachXBT questioned how Kraken listed MemeCore's M token for spot trading on July 3, 2025, despite $7.9 million in suspicious withdrawals. The token's price soared by 3% in the last 24 hours after recognition from Grayscale.

On-Chain Investigation Reveals Insider Manipulation

Suspicious Withdrawals and Deposits

ZachXBT found that 18 new wallets received $7.9 million in M tokens, with a current value of $39.8 million. A wallet suspected to belong to the MemeCore team deposited 5.3 million M tokens on the listing day.

• $6 billion market capitalization
• $18 billion fully diluted valuation
• 200 million M tokens received by the MemeCore team at launch

Price Manipulation and Lack of Transparency

ZachXBT warned that insiders may have manipulated the token's price, leaving normal traders at risk. The MemeCore team's updates lack real product progress, with a focus on $66 million in trading volume and paid incentive campaigns.

Key Takeaways

• ZachXBT flags suspicious MemeCore withdrawals on Kraken
• Insider manipulation may have inflated the token's price
• Lack of transparency and real product progress from the MemeCore team
• Normal traders may be at risk due to potential price correction

Frequently Asked Questions

What is the significance of ZachXBT's findings?

ZachXBT's investigation highlights potential insider manipulation and lack of transparency in the MemeCore project.

How may this affect the MemeCore token's price?

The token's price may be at risk due to potential price correction, leaving normal traders with significant losses.