Michaela
Galaxy Digital lead researcher, Alex Thorn, refuted reports linking meme coin analyst Murad Mahmudov to a sale of SPX6900 (SPX) tokens to the firm, calling the allegations baseless.
According to a screenshot shared to X by a user by the name of Kook, Mahmudov executed an over-the-counter (OTC) sale of his entire SPX token portfolio to sidestep on-chain scrutiny, offloading $20 million worth of SPX tokens for $13 million, with additional claims alleging that Galaxy now controls all of his wallets — including his seed phrase.
Soon after the report emerged, Thorn issued a statement dismissing the circulating images as fabricated. “The ID badge in the photos isn’t ours, the email groups are not real email distribution lists, etc.,” Thorn wrote.
In a separate post, Thorn responded to an X user, condemning the rumors as scams and expressing regret for anyone who traded based on the false information.
The research head doubled down on his denial, asserting that the circulating rumors were nothing more than a scam. “This is truly false — you are being played by random memecoin scammers,” Thorn wrote, sharing screenshots of a conversation with an anonymous user who expressed disbelief in his statements.
Mahmudov’s consistent and high-profile endorsements of SPX over time have made these recent allegations all the more unexpected.
In January, Mahmudov made a post on X stating that SPX would become the “biggest meme coin in World History,” a bold claim that quickly stirred excitement and debate among crypto enthusiasts about the coin’s future.
Despite Mahmudov’s robust endorsements, questions have surfaced regarding his methods. Investigations by crypto analyst ZachXBT uncovered that Mahmudov managed his substantial $24 million portfolio — including SPX holdings — across 11 separate wallets, a strategy that has fueled suspicions of market manipulation amid his vigorous promotion of the meme coin.
Meanwhile, reports of Mahmudov selling SPX appear to have barely affected the coin’s price. SPX had already been under pressure, and after a short-lived recovery last week, its value resumed its downward slide. At the time of reporting, SPX was trading at $0.61 — an 8.1% drop in just one day — and had lost 56.1% of its value over the past month, underscoring a prevailing bearish sentiment in the market.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
