ApeCoin (ape) 
Influencer Crypto Misadventures Continue: Haliey Welch’s Hawk Coin Faces Backlash
Haliey Welch, the social media personality behind the viral “Hawk Tuah” meme, is facing severe criticism after her newly launched cryptocurrency, Hawk, plummeted in value from a $490 million market cap to just $60 million in a matter of hours.
The crypto community has accused Welch of running a “pump and dump” scheme, where hype drives the price up, only for insiders to cash out and leave investors hanging. Welch denied any wrongdoing, claiming her team tried to prevent “snipers” – bad actors who artificially inflate prices – from manipulating the market.
Welch’s Response and Community Backlash
Welch took to social media to address the allegations, stating that her team “tried to stop snipers as best we could through high fees in the start of launch.” However, a community note on her post indicated that Welch’s team had been “selling their token since launch.”
At the time of writing, the Hawk Tuah coin was down over 7%. This drastic price drop has raised concerns about the legitimacy of the project and whether Welch profited from the scheme.
What’s at Stake and the Risks of Sniping
Sniping entices ordinary investors to buy into a token at a high price, thinking they’re catching a rising trend. However, after snipers sell their holdings, the token’s price often falls, leaving late investors holding nearly worthless assets.
In the case of Hawk, the coin launched on the Solana blockchain, and while meme coins are usually seen as low-risk fun, this one has sparked accusations of rug pulling, a cryptocurrency scam in which developers withdraw liquidity or abandon a project, resulting in the token’s price plummeting.
Coffeezilla’s Investigation and Welch’s Payment Structure
In a YouTube video, Coffeezilla, a popular crypto influencer, scrutinized the legitimacy of the Hawk Tuah coin and Welch’s involvement. According to Coffeezilla, Welch claimed the coin was meant to unite fans and tackle impersonators, but the project’s convoluted payment structure has raised concerns.
Welch was reportedly paid roughly $125,000 in advance to market the Hawk Tuah token and was set to receive 50% of net proceeds after “payments of costs to third parties.” However, details regarding these third parties remain unclear.
“I think this whole situation is terrible and she should feel bad,” Coffeezilla concludes. “[Welch] got in bed with these people who clearly saw dollar signs. She saw dollar signs and they did this and people have been hurt.”
Welch’s situation serves as a cautionary tale for investors to be aware of the risks associated with influencer-backed cryptocurrencies and the importance of doing thorough research before investing.
Stay informed about the latest developments in the crypto space and learn how to protect yourself from potential scams. Visit Global Crypto News for more updates and insights on the world of cryptocurrencies and investing.
