MemeCore cross-chain bridge minted ~1B $M tokens to a fresh wallet with no backing or lock mechanism, following insider concentration concerns flagged by ZachXBT.
Security & Exploits ·
MemeCore's cross-chain bridge executed two transactions that minted approximately 1 billion $M tokens—roughly half the circulating supply—to a newly created wallet on the Binance Smart Chain, with no backing mechanism or lock structure securing the tokens on the source chain. The minted tokens remain unmoved at a single address, raising questions about their purpose and eventual use.
This event follows prior scrutiny of MemeCore's token distribution, where an analyst highlighted that insiders control over 90% of the supply while the project maintained a top-20 market cap valuation. The sudden minting of such a large, unbacked tranche compounds concerns about concentration and potential dilution pressure.
It remains unclear whether MemeCore intends to burn the minted tokens, distribute them through a stated mechanism, or hold them indefinitely. The project has not publicly addressed the minting or provided justification for the scale and structure of the issuance.