Galaxy’s Head of Analysis, Alex Thorn, has refuted claims that Murad Mahmudov, a meme coin analyst, offered his SPX6900 (SPX) tokens to them.
Experiences alleged that Murad performed the sale by over-the-counter (OTC) transactions to bypass on-chain exercise.
Did Murad Actually Promote His SPX Tokens?
In response to the rumors circulating on social media platform X (previously Twitter), Murad offloaded $20 million price of SPX tokens for $13 million. He bypassed on-chain transactions to keep away from public scrutiny.
Furthermore, customers famous that the state of affairs extends past a easy token sale. The claims steered that Galaxy acquired Murad’s seed phrase, granting them management over his wallets.
“This isn’t simply an OTC sale—it’s a full-scale, hidden liquidation,” one consumer wrote on X.
The rumors went additional, alleging that Galaxy was liquidating Murad’s belongings by personal OTC offers whereas concurrently hedging its place with brief trades. These speculations had been supposedly backed by leaked inside memos and chat logs from a Galaxy worker, purportedly confirming the personal sale technique.
Nevertheless, Thorn was fast to close down the rumors.
“That is faux,” Thorn acknowledged.
In an announcement on X, Thorn addressed the circulating photographs, confirming they had been forgeries. He identified that the ID badge featured within the pictures didn’t belong to him or his staff and that the e-mail teams proven weren’t reputable distribution lists.
Thorn emphasised that your entire state of affairs was a fabrication designed to mislead the general public.
“That is actually false — you might be being performed by random meme coin scammers,” he added.
It’s necessary to notice that Murad has been a vocal supporter of SPX, endorsing the meme coin a number of occasions up to now. His sturdy backing of the undertaking made the current claims all of the extra stunning.
“SPX6900 will grow to be the Greatest meme coin in World Historical past,” Murad wrote in January.
Nevertheless, his endorsements have additionally raised some eyebrows. Beforehand, Crypto sleuth ZachXBT’s investigation revealed that Murad used 11 separate wallets for his $24 million holdings, together with SPX. His public promotions of the coin contributed to SPX’s worth hovering and raised considerations about potential market manipulation.
In the meantime, the rumors of Murad promoting SPX had little affect on the token’s value. On the worth entrance, SPX had already been struggling.
After a short restoration final week, the token continued to depreciate. On the time of writing, it was buying and selling at $0.61, down 8.1% over the previous day. The token’s month-to-month losses stood at 56.1%, reflecting a bearish sentiment available in the market.
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