This story is about a huge crypto flop involving a popular influencer and a memecoin that tanked faster than you can say “rug pull.”
The Rise (and Epic Fall) of HAWK
Hailey Welch, aka the “Hawk Tuah” girl, blew up online thanks to a short video. She leveraged her newfound fame, launching various projects, including a dating app and podcast. Then came the whispers of a HAWK memecoin. An October social media post hinting at a coin fueled speculation, but many in the crypto community were already suspicious, predicting a scam.
Despite the warnings, the official HAWK memecoin launched on December 4th, partnered with the Web3 platform overHere. Initially, things looked amazing – a market cap of $500 million! But the celebration was short-lived. Within minutes, the price plummeted 88%, leaving investors reeling.
Accusations of a Scam Fly
The crash sparked outrage. Crypto experts and investigators accused Welch and the HAWK team of insider trading and a classic “rug pull” – where developers dump their holdings, leaving investors with worthless tokens. Many of the victims were Welch’s own fans, many of whom were new to cryptocurrency.
The accusations were backed up by on-chain data. Analysis showed that a small group of wallets controlled a massive 80% of the HAWK supply. One address alone snagged 17.5% at launch, making a quick $1.3 million profit. Meanwhile, fans reported losing thousands in minutes.
While Welch and the team denied wrongdoing, claiming they hadn’t sold any tokens, the on-chain evidence painted a different picture.
Coffeezilla’s Confrontation
The YouTuber and investigator Coffeezilla confronted the HAWK team in a live online discussion. He highlighted over $1 million in fees generated from the token launch while investors lost everything. He pointed out that the massive sell-off looked suspiciously like insider trading linked to Welch’s accounts. The team’s responses were evasive, and they ultimately cut off Coffeezilla’s questions about the $16.69 million pre-sale funds and their questionable tokenomics. Coffeezilla called the launch “the most horrible” he’d ever seen, labeling it a scam.
The Aftermath
The HAWK memecoin’s price has since crashed over 94% from its peak, leaving it with a market cap of around $30 million. The whole situation serves as a cautionary tale about the risks involved in the volatile world of memecoins and the importance of due diligence before investing.
