"ZachXBT flagged a core discrepancy in that figure, highlighting: The greatest achievement is $66M total trading volume on an app, yet the token is at $6B market cap."
"The insider concentration has been a second point of concern, with onchain data showing wallets linked to insiders hold more than 90% of M's supply."
"ZachXBT noted that onchain flows suggest the exchanges received M tokens as part of listing fees or liquidity arrangements, calling them complicit in the manipulation."
ZachXBT has identified Kraken as a significant player in the manipulation of the M token, which has a market cap of $6 billion but only $66 million in trading volume. Over 90% of the token's supply is held by insiders. This finding follows an onchain review and highlights discrepancies in the token's valuation. ZachXBT has called for exchanges, including Kraken, Binance, and Bitget, to freeze accounts of those involved in manipulation, suggesting that these exchanges may have received M tokens as part of listing fees or liquidity arrangements.
Read at news.bitcoin.com
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