‘Most Horrible’ Crypto Launch? On-Chain Investigator Accuses ‘Hawk Tuah’ Girl Of Memecoin Scam

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market manipulations and scams. The rise and fall of the HAWK memecoin is yet another example of this unfortunate trend that has tainted the reputation of the cryptocurrency industry.

According to Coffeezilla, on-chain investigator, influencer Hailey Welch and the HAWK memecoin team have been accused of defrauding their followers during a recent token launch. The team is currently under fire as the cryptocurrency plummeted 94% within 12 hours of its release, leaving investors without any returns.

The Rise And Fall Of The HAWK Memecoin

On Wednesday evening, Hailey Welch, commonly referred to as ‘Hawk Tuah’ girl, faced criticism from the crypto community following the launch of her HAWK (HAKO) memecoin. The meme gained popularity after a brief video clip of her saying the catchphrase became widely shared earlier in the year.

After that, the individual who is now popular on social media platforms has amassed a significant fan base and initiated numerous endeavors, such as a dating advice app, the Talk Tuah Podcast, and more. In October, Welch posted an altered image of herself adorned with meme-related items like dogwifhat’s hat, Mog Coin’s glasses, and the SPX6900 coin as jewelry.

The statement suggested that “Gm X, I heard it’s a meme super cycle” might be referring to the potential release of a Hawk Tuah-themed memecoin. This idea stirred curiosity among cryptocurrency enthusiasts, but they voiced worries about the prospective launch, predicting another instance of a celebrity pulling out or “rug-pulling,” beforehand.

On November 26th, OverHere’s Web3 platform revealed a collaboration with Welch for the debut of the authentic HAWK memecoin on December 4th. This wasn’t just another token launch, according to Welch; it was poised to revolutionize the crypto sphere.

On Wednesday afternoon, when the token was launched, its market value rapidly climbed to an astounding $500 million. However, within minutes it plunged by 88%. The largest investors, sensing the peak price, swiftly unloaded their tokens, triggering a catastrophic dive for this memecoin.

Another Influencer Crypto Scam?

Immediately after the token experienced a crash, crypto enthusiasts, market analysts, and on-chain detectives started criticizing Welch and the HAWK team, alleging them of insider trading and swindling investors; it seemed that many of these buyers were fans of Welch, who appeared to be newcomers in the crypto world.

In response to the criticism, the influencer disclosed details about their token’s economic model, referred to as “Hawkanomics.” This model indicated that an impressive 2% of the total supply was earmarked for a “Free Public allocation,” while a substantial 17% was designated as a “strategic allocation” and fully distributed upon launch. Critics claim that this portion was sent to select wallets, presumably belonging to insiders.

According to Bubblemaps data on Dexscreener, a group of interconnected wallets collectively owned approximately 80% of the memecoin’s total supply. Contrary to Welch’s assertion that they had made significant efforts to thwart “snippers,” multiple addresses were observed buying large quantities of the memecoin en masse.

At the initial release, one entity quickly acquired approximately 17.5% of the total supply, earning a profit of roughly $1.3 million by selling it soon afterwards. Simultaneously, crypto enthusiasts and supporters of Welch found themselves losing significant amounts of money – sometimes thousands of dollars – within just ten minutes due to the token’s performance.

In a recent turn of events, both the influencer and their collaborators from the HAWK squad dismissed allegations of insider trading. They assert that they did not sell any tokens. However, data from the blockchain appears to tell a different story. Last Wednesday evening, YouTube personality Coffeezilla challenged the team behind this memecoin in an X Space setting.

He questioned the team about the over $1 million in fees generated from the token “while fans got rug-pulled.” The investigator also suggested that the massive sell-off wasn’t primarily due to snipers but instead related to insider trading “directly linked to the creator’s account.”

The team countered Coffeezilla’s claims by dismissing them and asserting that they wouldn’t deceive their supporters for $50,000. Furthermore, it was disclosed that they established a foundation linked to their project in the Cayman Islands, an undertaking that demanded substantial financial resources.

In simpler terms, Coffeezilla criticized the launch as extremely poor and labeled the token distribution scheme as the most problematic among all the projects he’s examined. He also accused it of being a fraudulent activity.

Additionally, he wanted to know what happened to the $16.69 million raised during the presale and why they chose their particular token economics. Unfortunately, the team muted his microphone and did not provide satisfactory explanations for their questions.

In my recent investigation, I was inquired about the remuneration derived from the token. To which, Dr. Welch replied she was retiring for the night. It’s worth noting that as of now, the HAWK memecoin has plummeted by more than 94% from its highest point, leaving it with a market capitalization of approximately $30 million.

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2024-12-05 18:57