Kraken is accused of failing to conduct adequate due diligence before Memecore's launch.

CoinFeed reported on April 20th that blockchain investigator ZachXBT tweeted that Kraken's due diligence process for listing Memecore (token: M) on July 3, 2025, has been questioned. On-chain data shows that approximately $7.9 million worth of M was withdrawn from Kraken to 18 newly created addresses, and currently, approximately 11.7 million M (currently worth approximately $39.8 million) are concentrated in these addresses. ZachXBT claims that suspected insiders manipulated the market capitalization of M to approximately $6 billion (a fully diluted valuation of $18 billion), and Kraken is one of the few platforms supporting M spot trading.