Stephen Findeisen, known by his stage name “Coffeezilla debunks HAWK fraud claims,” has resorted to social media to refute the baseless and inflated allegations circulated about viral influencer Hailey Welch and the introduction of her memecoin, HAWK. The YouTube investigator spoke out about the scandal on December 6, asking that individuals refrain from sharing false news stories. “Please, put an end to these ridiculous headlines. Coffeezilla informed his 638,900 X followers that she had neither rugged for $500 million nor made $50 million.
Hawk Tuah Memecoin Faces Allegations of Fraud
Controversy has ensued in the cryptocurrency industry following the December 5 debut of Hawk Tuah, a memecoin created by Welch. The coin’s price surged and then crashed. There were rumors of lawsuits and huge gains associated with Welch, which stoked public fury over allegations of insider trading and sniper bots. Nevertheless, Coffeezilla brushed off most of the rumors as false information.
The HAWK team allegedly “presold a few million” tokens to strategic advisors, who sold them early, adding to the token’s volatility, as reported by Coffeezilla. He said the “exact amount” of the created money is still a mystery, although Welch’s lawyer said she got $125,000. That her tokens were locked for a year. Additionally, Coffeezilla brought attention to the fact that the whereabouts of the presale and transaction fee funds are still unknown.
Hawk Tuah Crashes Amid Lawsuit Rumors
Furthermore, Coffeezilla disproved the allegations. That Welch was being sued, saying, “She isn’t being sued (yet), so everything in this post is misinformation.” An American law firm, Burwick Law, has invited anyone who believes they were a victim of the launch to investigate their rights.
In his most recent X statement, Welch asserted that the company had failed to sell any tokens and had tried to discourage sniper bots during launch by imposing high fees. Even though there are still unanswered questions, Coffeezilla has demanded. We should avoid conjecture in favor of confirmed facts. After soaring to $490 million at launch on December 4, $HAWK’s market worth crashed 91% the next day.
Token Manipulation Allegations and Responses
According to Bubble Maps, a blockchain data startup, insiders manipulated the token’s value by controlling as many as 80% of wallets and shooters. During the debut of Meteora AG, Welch stated in a Thursday X post that they did their utmost to prevent snipers by implementing exorbitant fees. “We have discontinued the fees.”
In a late Wednesday post on X, the team behind Welch’s token, OverHere, also disputed the charges. Reports indicate that Hailey’s Team has not sold any tokens at all. “The 10% allocation that Hailey’s Team has will be locked for one year and vested over three years.” According to OverHere, “the rest of the tokens are distributed into the different wallets as according to the tokenomics.” The firm plans to provide a more comprehensive explanation of the situation later on.
FAQs
What caused the controversy surrounding Hawk Tuah?
After its launch, HAWK's price surged and crashed amid rumors of lawsuits, insider trading, and sniper bots, sparking public outrage.
Was Hailey Welch sued over the memecoin launch?
Coffeezilla clarified that Welch is not being sued, and the allegations about legal action are false misinformation.
What are the claims about token manipulation?
Bubble Maps reported that insiders may have controlled up to 80% of wallets, manipulating HAWK's value during its debut.
What has OverHere stated about token distribution?
OverHere denied manipulation claims, asserting that Hailey's team hasn’t sold tokens, and their 10% allocation is locked and vested over three years.