Galaxy’s Research Chief, Alex Thorn, Denies Rumors of Murad Mahmudov Selling SPX Tokens

Reports have surfaced claiming that meme coin analyst Murad Mahmudov, allegedly sold his SPX6900 (SPX) tokens to Galaxy through over-the-counter (OTC) transactions to avoid public scrutiny.

Did Murad Actually Sell His SPX Tokens?

Rumors circulating on social media platform X have suggested that Murad sold $20 million worth of SPX tokens for $13 million while bypassing on-chain transactions for privacy reasons.

Notably, users speculated that Galaxy not only acquired Murad's tokens but also gained control over his wallets by obtaining his seed phrase.

“This goes beyond a simple sale—it’s a covert liquidation,” commented a user on X.

Further rumors claimed that Galaxy was liquidating Murad's assets through private OTC deals while hedging their position with short trades, backed by leaked internal documents and chat logs.

However, Thorn debunked these rumors swiftly, labeling them as fraudulent.

“This is completely false,” Thorn asserted.

In a statement on X, Thorn clarified that the circulating photos were doctored, with the featured ID badge and email groups being fabricated. He dismissed the situation as a hoax intended to deceive the public.

“These claims are baseless—you're falling victim to dishonest meme coin scammers,” he emphasized.

Murad has been an ardent proponent of SPX, previously touting it as the "Biggest meme coin in World History." However, his public endorsements have sparked skepticism, especially after investigations revealed his extensive holdings and potential market influence.

Despite the rumors surrounding Murad's alleged token sale, SPX's price remained relatively unaffected. The token had been facing downward pressure prior to the controversy, with its value currently at $0.61, marking an 8.1% decline over the past day and a monthly loss of 56.1%.