Galaxy’s Head of Research, Alex Thorn, has dismissed the swirling rumors that Murad Mahmudov, the meme coin maestro, sold his SPX6900 (SPX) tokens to them.
Whispers on the digital grapevine suggested Murad orchestrated the sale through over-the-counter (OTC) transactions, cleverly sidestepping the prying eyes of on-chain activity. 🕵️♂️
Did Murad Really Sell His SPX Tokens?
According to the chatter on X (formerly Twitter), Murad allegedly offloaded $20 million worth of SPX tokens for a mere $13 million. The move was supposedly designed to avoid public scrutiny.
But wait, there’s more! The claims didn’t stop at a simple token sale. Some users speculated that Galaxy had acquired Murad’s seed phrase, effectively gaining control over his wallets.
“This isn’t just an OTC sale—it’s a full-scale, hidden liquidation,” one user wrote on X. 💸
The rumors spiraled further, suggesting that Galaxy was liquidating Murad’s assets through private OTC deals while simultaneously hedging its position with short trades. These speculations were allegedly backed by leaked internal memos and chat logs from a Galaxy employee, purportedly confirming the private sale strategy. 📜
However, Thorn was quick to shut down the rumors.
“This is fake,” Thorn stated. 🚫
In a statement on X, Thorn addressed the circulating photos, confirming they were forgeries. He pointed out that the ID badge featured in the images did not belong to him or his team and that the email groups shown were not legitimate distribution lists.
Thorn emphasized that the entire situation was a fabrication designed to mislead the public.
“This is truly false — you are being played by random meme coin scammers,” he added. 🎭
It’s worth noting that Murad has been a vocal supporter of SPX, endorsing the meme coin multiple times in the past. His strong backing of the project made the recent claims all the more surprising.
“SPX6900 will become the Biggest meme coin in World History,” Murad wrote in January. 🌍
However, his endorsements have also raised some eyebrows. Previously, Crypto sleuth ZachXBT’s investigation revealed that Murad used 11 separate wallets for his $24 million holdings, including SPX. His public promotions of the coin contributed to SPX’s value soaring and raised concerns about potential market manipulation. 🕵️♂️
Meanwhile, the rumors of Murad selling SPX had little impact on the token’s price. On the price front, SPX had already been struggling.
After a brief recovery last week, the token continued to depreciate. At the time of writing, it was trading at $0.61, down 8.1% over the past day. The token’s monthly losses stood at 56.1%, reflecting a bearish sentiment in the market. 📉
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2025-02-19 11:22