ZachXBT Questions Kraken's Listing of Memecore, Citing Abnormal Fund Flows

Odaily News: On-chain investigator ZachXBT has publicly questioned the review process for Kraken's listing of Memecore (M) for spot trading on July 3, 2025, pointing out abnormal related on-chain fund movements.

He stated that approximately $7.9 million flowed out from Kraken to 18 newly created addresses, which currently hold a total of about 11.7 million M tokens (worth approximately $39.8 million at current prices). Simultaneously, he mentioned that suspected team addresses had deposited around 5.3 million M tokens into Kraken, raising market concerns regarding token distribution and trading activities.