Hailey Welch, the influencer known as “Hawk Tuah girl,” has finally addressed the controversial HAWK memecoin scam that occurred in December 2024. After nearly two months of silence, Welch released a now-deleted podcast episode discussing the token’s launch and subsequent crash, which left many investors empty-handed.
The HAWK memecoin, launched in partnership with Web3 platform overHere, was touted as a project that would “redefine the crypto space.” However, the token experienced a meteoric rise and fall within hours of its launch, hitting a $500 million market cap before plummeting by 90%. On-chain data revealed that a cluster of wallets controlled 80% of the supply, and pre-sale buyers quickly dumped their tokens, causing the price to nosedive.
During the podcast, Welch claimed that she had no knowledge of crypto and entered the space after being introduced to the project by a “friend of a friend.” She was allegedly told that the project would be a long-term coin and that the money she made would go to her charity. Welch’s lawyer explained that the deal was a “brand image likeness” agreement, and they had no involvement in the token’s development or tokenomics.
The influencer was paid $125,000 upfront to promote the memecoin and was promised an additional $200,000 within 30 days of the launch. She was also supposed to receive a 10% allocation of the HAWK supply, with a 1-year lockup period. However, her lawyer claims that the tokenomics continued to change throughout the process, and Welch never received the second payment.
The controversy surrounding the HAWK memecoin scam highlights the risks associated with influencer-promoted projects in the crypto space. Investors should always conduct thorough research and exercise caution when considering investments, especially in the volatile world of memecoins.
The incident also raises questions about the responsibility of influencers and their teams when promoting crypto projects. While Welch claims to have had no knowledge of the project’s inner workings, her association with the memecoin undoubtedly contributed to its initial hype and subsequent crash.
As the crypto market continues to evolve, it is crucial for investors to remain vigilant and for influencers to carefully consider the projects they choose to endorse. The HAWK memecoin scam serves as a reminder of the potential dangers of investing in unvetted projects and the importance of due diligence in the crypto space.
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Tags: HAWK memecoin, crypto scam, influencer, Hailey Welch, Hawk Tuah girl, rug pull
Source: https://bitcoinist.com/hawk-crypto-scam-hawk-tuah-girl-breaks-silence-on-december-rug-pull/