ZACHXBT SCRUTINIZES KRAKEN'S DUE DILIGENCE ON $M (MEMECORE) LISTING Prominent blockchain investigator ZachXBT has publicly questioned the operational and vetting standards of the Kraken exchange, specifically targeting the spot listing of the Memecore ($M) asset from July 3, 2025. 1. Coordinated Accumulation & Sybil Wallets: Forensic tracking indicates anomalous withdrawal behavior. Approximately 7.9 million $M tokens were routed out of Kraken and distributed among 18 newly created addresses. This network of addresses has since expanded its holdings to an aggregate of 11.7 million $M (valued at approximately $39.8 million), strongly suggesting coordinated, centralized control by a single entity or syndicate. 2. Immediate Insider Liquidation Indicators: Further investigation identified a wallet address directly linked to the Memecore founding team, which secured a 200 million $M allocation during the TGE. On the exact date of the Kraken listing (July 3, 2025), this entity transferred 5.3 million $M directly to a Kraken deposit address. The immediate transfer of team-allocated tokens to a centralized exchange upon listing is a classic indicator of internal liquidity extraction at the expense of retail participants. ZachXBT’s findings raise serious structural concerns regarding the level of due diligence and supply auditing Tier-1 exchanges perform before authorizing spot trading for highly concentrated assets. #DailyOrbit #OKXOrbitTopics @OKX Orbit