Web persona Haliey Welch, herself of meme fame, is going through backlash and severe accusations after the implosion of her HAWK memecoin.
In response to a report from the BBC, the Speak Tuah host’s Solana (SOL)-based memecoin HAWK lost more than 95% of its worth inside hours after launch, prompting YouTuber Coffeezilla to accuse Welch of executing a pump-and-dump scheme.
A pump-and-dump scheme artificially inflates a coin’s worth by hype or misinformation. Then, holders of that coin who purchased the token low-cost (or acquired it at no cost), promote these tokens at a excessive worth, crashing the value.
In a copy-and-pasted assertion on the social media platform X, Welch has denied any allegations of wrongdoing.
“Copy and pasting:
Hawkanomics:
Group hasn’t bought one token and never 1 KOL (key opinion chief) was given 1 free token
We tried to cease snipers as greatest we may by excessive charges within the begin of launch on MeteoraAG
Charges have now been dropped”
Nonetheless, in line with a blockchain investigator and self-described “on-chain demon” who goes by the pseudonym Zeus, Welch’s claims ring untrue.
“The crew hasn’t bought one token:”
In a conversation with Welch on The Matt Kohrs Present, Coffeezilla instructed the Speak Tuah host immediately that her HAWK launch constituted “the worst tokenomics I’ve ever seen”, accusing Welch and her crew of taking part in insider buying and selling, and including his opinion that the launch was, certainly, “a rip-off.”
The authorities haven’t introduced any formal investigations into the scenario as of writing. Nonetheless, if any of the alleged prices are delivered to Welch and her crew, she may face severe and extreme authorized scrutiny from the U.S. Securities and Trade Fee (SEC).
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Featured Picture: Shutterstock/Voger Design/Andy Chipus
