Galaxy’s Head of Research, Alex Thorn, has refuted claims that Murad Mahmudov, a meme coin analyst, sold his SPX6900 (SPX) tokens to them. 

Reports alleged that Murad conducted the sale through over-the-counter (OTC) transactions to bypass on-chain activity.

Did Murad Really Sell His SPX Tokens?

According to the rumors circulating on social media platform X (formerly Twitter), Murad offloaded $20 million worth of SPX tokens for $13 million. He bypassed on-chain transactions to avoid public scrutiny. 

Moreover, users noted that the situation extends beyond a simple token sale. The claims suggested that Galaxy acquired Murad’s seed phrase, granting them 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 went further, alleging that Galaxy was liquidating Murad’s assets through private OTC deals while simultaneously hedging its position with short trades. These speculations were supposedly 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 important to note 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.