Originally published on: December 07, 2024
Famous YouTube investigator Stephen Findeisen, popularly known as “Coffeezilla,” is raising concerns about the misleading headlines surrounding viral influencer Hailey Welch, also known as Hawk Tuah, and her memecoin, HAWK.
In a recent post to his 638,900 followers on Dec. 6, Coffeezilla expressed frustration over sensationalized headlines that claimed Welch rug pulled for 500M and made a profit of $50M. However, Coffeezilla debunked these claims, stating that the team behind the memecoin only presold a few million tokens to strategic advisers who sold early before the tokens were sniped.
The launch of Welch’s Hawk Tuah memecoin on Dec. 5 triggered controversy across social media platforms as the token’s value surged and then plummeted rapidly due to allegations of snipers and insider wallets involvement.
Rumors and misinformation have been circulating online regarding lawsuits and profits from the memecoin, which Coffeezilla has been quick to address and correct. While criticizing the project, Coffeezilla emphasized the importance of sticking to verified facts and stated that the exact amount of profits remains unknown.
According to Hawk’s lawyer, Welch has received $125k and her tokens will unlock in a year. However, the destination of the profits from transaction fees and the presale remains uncertain.
Despite the speculation, no legal action has been taken against Welch so far. A US law firm, Burwick Law, has encouraged victims of the memecoin launch to reach out to understand their legal rights.
Welch’s latest update on X attempted to clarify the situation, emphasizing that the team did not sell any tokens and did not provide any free tokens to key opinion leaders. The team’s efforts to prevent snipers during the launch were highlighted in the post.
As the saga unfolds, the crypto community eagerly awaits further developments in the Hawk Tuah memecoin controversy.
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