Hailey Welch (“Hawk Tuah” girl) disappeared from social media for 13 days after her HAWK meme coin crashed 93% within minutes of launch
The token reached a $490 million market cap before collapsing, leading to widespread rug-pull accusations
OverHere, the crypto site involved in HAWK’s creation, claims they took no profits and blames “Doc Hollywood” for vanishing and failing to deliver on promises
OverHere admits to mistakes in trusting wrong partners but denies direct involvement in the alleged rug pull
Welch remains silent across all social channels despite calls for transparency from former collaborators
The cryptocurrency world is watching yet another meme coin controversy unfold as the creators of the HAWK token trade accusations while its founder remains mysteriously absent from public view.
The HAWK token’s December launch initially appeared successful, reaching a market capitalization of $490 million within its first 15 minutes of trading. However, the celebration was short-lived as the token’s value plummeted by 93% moments later, sparking immediate concerns of a potential rug pull among investors.
A rug pull occurs when crypto project developers abandon the project and run away with investor funds, often after driving up the price through marketing and hype. While no definitive proof of a rug pull has emerged in the HAWK case, the sudden price crash and subsequent silence from key team members have raised red flags in the crypto community.
OverHere, a cryptocurrency platform that lists HAWK as its only product, broke their silence on Monday with an X thread titled “The Truth.” The company attempted to distance itself from the token’s troubles while pointing fingers at other project participants.
In their statement, OverHere claimed they received no fees or profits from the HAWK project. They placed much of the blame on an individual known as “Doc Hollywood,” who they say was supposed to handle key aspects of the token’s design but “vanished when things got hard.”
The platform’s involvement in HAWK’s development apparently increased only after Doc Hollywood’s alleged disappearance. OverHere admits they stepped in to try to salvage the project but acknowledges this led to the token launching without meeting all its promised features.
3/ How Things Unraveled: As community sentiment shifted, so did Doc Hollywood’s approach.
As desperation kicked in, participation conditions were progressively watered down.
What started with plans for a lock-up eventually ended with none.
According to OverHere’s statement, the main issue with the HAWK token wasn’t fraudulent intent but rather a lack of transparency from both Doc Hollywood and Welch herself. The company maintains that while mistakes were made, they stemmed from trusting unreliable partners rather than any deliberate attempt to deceive investors.
The controversy has drawn attention to the risks associated with meme coins, which are cryptocurrencies often created around internet trends or popular social media figures. These tokens frequently experience extreme price volatility and face criticism for their lack of fundamental value.
On December 4, when initial concerns about HAWK emerged, OverHere dismissed them as “FUD” – fear, uncertainty, and doubt. Their recent statement marks a clear shift in position, now acknowledging that many of these early concerns were justified.
Messages sent to Welch’s representatives seeking comment have gone unanswered. Her usual active presence across X, Instagram, and TikTok remains dormant, leaving investors and observers wondering about her next move.
The timeline of events raises questions about the project’s planning and execution. Within minutes of public trading beginning, a group of connected digital wallets sold large amounts of HAWK tokens simultaneously, causing the price to crash. This coordinated selling pressure contributed to the token’s rapid decline.
OverHere’s recent statement included a direct appeal to Welch, calling for her to address the situation with “truth, transparency, and trust.” As of this writing, this appeal has gone unanswered, with Welch maintaining her silence across all platforms.
Doc Hollywood, another key figure in the controversy, has locked their X account, preventing public access to their posts and further complicating efforts to understand their role in the project’s development and subsequent problems.
The HAWK token remains listed on OverHere’s platform, though trading volume has dropped substantially since its turbulent launch. The token’s value continues to hover near zero, with little sign of recovery in sight.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
By Nermeen Nabil Khear