Yes, He Did Fold Quads
Phil Galfond tweeted the following:
PhilGalfond Phil Galfond Just saw the craziest hand I've ever seen. Guy folded 88 face up on Js87s8sKs.
July 01 2012
Catching up with Eugene Katchalov on the break to grab a summary of the hand, he said Mikhail Smirnov did indeed fold quad eights to John Morgan. Katchalov told us that Tom Dwan had opened and received a call from Smirnov and Morgan before the 
fell. Dwan checked and Smirnov bet. Morgan called and Dwan folded.
The turn was the 
and Smirnov bet 200,000. Overhearing a conversation from Smirnov, he said Morgan called within five seconds and looked extremely excited about the hand.
The river completed the board with the 
and Smirnov bet 700,000. Morgan raised all in for 3.4 million total and Smirnov tank-folded the 
face up for all to see.