The team behind Hawk Tuah Girl finally reveals the ‘truth’ about what happened, as fans report losing their life savings after investing in her cryptocurrency.
Haliey Welch, known as Hawk Tuah Girl, recently faced backlash over her meme coin, $HAWK.
The coin’s value dropped drastically within an hour, leading to significant financial losses for many of her fans.
The rise and fall of $HAWK
Earlier this month, Haliey released her own cryptocurrency, $HAWK, to much fanfare.
Previously, she launched HAWK Coin on December 4. Immediately, HAWK Coin quickly soared in value, but soon plummeted, leaving many investors in the lurch.
The sudden downturn has sparked outrage, with some calling for legal action against the viral star.
HAWK coin initially reaching a market cap of $490 million. However, the excitement was short-lived.
Within just three hours, the coin saw a drastic 91% drop, with its value crashing to $41.7 million.
This sudden decline left many investors with significant losses, sparking frustration and anger from those who had bought in.
Investor react to heavy losses after HAWK Coin crash.
Hawk Tuah Girl faces alleged rug pull after the collapse of HAWK
Experts suggest that the drastic price drop was caused by a ‘rug pull,’ a tactic in which certain individuals buy an asset at a low price and sell it quickly for a profit.
On social media, some people have even gone as far as calling for legal consequences. They suggested that Welch should face criminal charges for the incident.
After the incident, Haliey has since responded, claiming that her team did their best to prevent snipers by imposing high fees during the launch phase.
Team behind Hawk Tuah Girl meme coin controversy reveals what happened
The platform behind $HAWK, overHere, released a statement to clarify the situation. They explained their goal was to bring Web2 fans into Web3, not to profit from speculation.
They had no intention to deceive anyone, claiming their mission was to offer a seamless transition for Web2 audiences into the crypto world.
As overHere explains, the project began to unravel as community sentiment shifted. Desperation led to the watering down of participation conditions, and plans for a token lock-up were abandoned.
The team pointed fingers at ‘Doc Hollywood,’ an individual accused of controlling token decisions and charging high fees.
These allegations were later denied by Alexander Larson Shultz, who goes by the nickname ‘Doc Hollywood.’
As the situation continues to unfold, Haliey is reportedly under investigation to determine if legal action can be taken on behalf of those who lost money.
The controversy has sparked heated discussions among the cryptocurrency community and fans alike.
One person said: Average looking meme girl launches meme coin to daft simps who put in their life savings
A second wrote: This is the world we live in now. She says something random which everyone over hypes then entrust her with your money. SMRT like homer Simpson.
While a third commented: All this fame and I still haven’t seen her Hawk Tuah in action.
Another added: They sacrificed their life savings so we would not have to see her or her scalliwag friends any more. They are heroes.
The incident has raised concerns about transparency and accountability in the cryptocurrency world, especially regarding meme coins. It remains to be seen how this will impact Haliey’s reputation and the future of $HAWK.