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Haliey Welch, the creator of the Hawk Tuah meme, was confronted by YouTuber and online investigator Stephen "Coffeezilla" on an X.com live session. Welch and her team faced backlash following allegations of a "rug pull." For context, on December 4, 2024, she launched the $HAWK meme coin on the Solana blockchain, only for its value to plummet (from $500 million to $60 million).
Coffeezilla accused Haliey Welch and her team of a rug pull and insider trading. For those unaware of insider trading, it is essentially when insiders purchase the token before launching it and sell it after the token's value increases (after launch). Speaking to Welch and her team, Coffeezilla said:
"This is one of the most miserable, horrible launches I've ever seen. I've been tracing it on the chain for a while. You guys generated over a million dollars in fees, while your fans got rug pulled. There were snipers, but there was also insider trading directly linked to y'all's creator accounts."
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Despite the allegations, Haliey Welch's team denied conducting any "rug pull." One of them said:
"Snipers sniped it up to an insane market cap and dumped it. That was not us."
Coffeezilla, however, was adamant about the rug pull and added:
"When you are charging 15%, you are profiting from the rug pull."
What is the Haliey Welch, aka Hawk Tuah girl, controversy?
Haliey Welch, also known as Hawk Tuah Girl, finds herself in hot water following allegations of a potential "rug pull," which occurs when the creator of a cryptocurrency token sells off all their coins after the token's value rises, leaving investors at a loss.
Welch and her team launched the $HAWK meme coin on the Solana blockchain. Shortly after its release, the coin's value skyrocketed to an impressive $500 million but plummeted within 20 minutes, dropping to just $60 million.
This was confirmed by the verified Solana page on X.com (@SolanaFloor):
On-chain data reveals that certain snipers capitalized on the situation, selling over 135 million $HAWK tokens at the perfect moment and earning over $1.3 million from a single trade.
Fans have been understandably upset, with many investors reportedly filing complaints with the U.S. Securities and Exchange Commission against Hawk Tuah Girl, accusing her of market manipulation.
