Galaxy Exec Denies Murad’s Secret SPX Token Sale

Galaxy’s Alex Thorn has denied claims that Murad Mahmudov, a well-known meme coin analyst, sold his SPX6900 (SPX) tokens in off-market transactions. Social media rumors suggested Murad secretly offloaded a large number of tokens, avoiding public blockchain records. However, Thorn dismissed these allegations, calling them false. Speculation online claimed Murad sold a significant amount of SPX tokens in private over-the-counter (OTC) deals for a lower price. These claims further alleged that Galaxy took control of his wallets by obtaining his seed phrase. Some even suggested that Galaxy was liquidating Murad’s holdings privately while hedging its exposure with short trades. One user on X described it as “a hidden liquidation.” The accusations were supposedly backed by leaked company documents and internal messages from a Galaxy employee, allegedly proving the strategy. Thorn, however, was quick to reject the allegations. He firmly stated, “This is fake.” He also pointed out that the ID badge shown in the leaked images did not belong to anyone on his team. Additionally, the email groups displayed in the supposed leaks were not from any real company mailing list. Thorn emphasized that the story was entirely fabricated to mislead the public. “You are being played by random meme coin scammers ,” he wrote on X. Murad, who has openly supported SPX in the past, was an unexpected target of these rumors. He had previously promoted the token multiple times, calling it a major player in the meme coin space. Earlier this year, he even claimed, “SPX6900 will be the biggest meme coin in history.” However, his involvement in the project had already sparked concerns. A past investigation by blockchain analyst ZachXBT revealed that Murad controlled multiple wallets with large holdings, raising questions about market manipulation. Despite the controversy, the SPX token’s price remained largely unaffected by the rumors. The token had already been in decline and continued its downward trend after a brief recovery. While Murad’s alleged actions caused a stir in the crypto community, they did not significantly impact SPX’s market performance. The discussion surrounding Murad’s involvement and the alleged OTC deals highlights ongoing concerns about transparency in the crypto world. As speculation grows , many in the community are calling for clearer standards and better protections against manipulation.