As a researcher with years of experience in the ever-evolving world of cryptocurrencies, I have to say that the situation surrounding Haliey Welch and $HAWK is both intriguing and concerning. The rapid rise and fall of this meme coin on the Solana blockchain is a stark reminder of the volatility inherent in the crypto market.
As a crypto investor myself, I’ve found myself compelled to share my thoughts after the unexpected plunge of $HAWK. The influential figure, Hawk Tuah Girl, or Haliey Welch as she’s known off-screen, has finally broken her silence following the turbulent events surrounding her cryptocurrency. Known for her distinctive Southern drawl and rapid rise to internet stardom, she addressed the aftermath publicly, reappearing on social media two weeks after her absence.
This month, Welch introduced the meme coin $HAWK on the Solana blockchain as its first offering. The market cap soared to an impressive $500 million at launch, but then dropped dramatically to only $25 million—a staggering 95% decrease in worth. Investors have accused Welch’s team of manipulating prices through a pump-and-dump strategy and insider trading, allegations the team has firmly denied.
Data compiled from Bubblemaps shows that around 80% to 90% of HAWK’s initial supply was held by insider wallets and strategic buyers (referred to as ‘snipers’). These significant players quickly amassed large quantities of the token, thus gaining a considerable amount of control over it from the very start.
Source: Bubblemaps
On a tweet posted Friday morning, Welch underscored the importance of addressing the situation gravely. This was her initial public statement acknowledging the controversy surrounding the sudden plunge of the $HAWK token. She assured collaboration with legal advisors for the benefit of affected investors, promising to dig deep into facts, ensure accountability, and strive for a resolution.
I’m treating this matter with utmost importance and feel compelled to speak out to my fans, affected investors, and the wider community. I am actively collaborating with and fully dedicated to aiding the legal team working on behalf of those impacted, as well as contributing to the investigation aimed at discovering…
— Haliey Welch (@HalieyWelchX) December 20, 2024
In this situation, Welch, not a party in the case, advised affected investors to seek help from Burwick Law. Simultaneously, the lawsuit accuses OverHere Ltd, the creators of the coin, along with Clinton So, its executive, Alex Larson Schultz, a promoter based in LA, of mismanaging the launch and sale of the cryptocurrency.
Court Ruling Exposes $HAWK Fraud—Welch Remains Silent
On December 19th, a court decision uncovered the illicit marketing and trading of the $HAWK token, escalating the consequences significantly. The lawsuit implicates the Tuah The Moon Foundation, the entity overseeing the coin’s fundraising activities.
The legal action originates from the illegal marketing and distribution of the Hawk Tuah meme-cryptocurrency, referred to as the ‘$HAWK’ token. This token was allegedly peddled to the public without necessary registration, according to the court decision.
As a crypto investor, I found myself in a situation where Welch wasn’t directly involved in the lawsuit, but questions were raised following a live stream on Spaces on December 5. During this stream, she seemed evasive about investor queries regarding the market crash, stating she was heading to bed before abruptly ending the session.
Her silence ended Friday with the Twitter statement, but the controversy is far from resolved. Welch’s Instagram, with its millions of followers, has been inactive since December 3, and her podcast account last posted the next day.
What’s Next for Hawk Tuah Girl?
The setback in cryptocurrency markets has eclipsed Welch’s previous achievements as an online celebrity. Her endeavors such as Talk Tuah and Pookie Tools demonstrated her knack for leveraging fame, but the misstep with $HAWK serves as a reminder of how quickly fortunes can flip in the unpredictable world of cryptocurrency.
In spite of the hurdles, Welch stays resolute in seeking solutions. Her pledge to bring those at fault to justice stirs curiosity among many, who speculate whether her charm and tenacity can rebuild trust or if the harm has become irreversible.
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2024-12-21 02:57