Haliey ‘Hawk Tuah’ Welch did not rug $500M: Coffeezilla

Stephen Findeisen — a YouTube sleuth known as “Coffeezilla” — has denounced the many false headlines surrounding Haliey Welch and her HAWK memecoin.

Findeisen voiced concern over the misleading headlines and reports on social media. In a post shared with his 638,900 followers on X, he wrote:

“Can y’all stop these insane headlines? She didn’t rug for $500M and she didn’t profit $50M.”

The early December debut of Welch’s memecoin was soon followed by controversy. In what was widely believed to be the consequence of a rug pull, the coin quickly reached a significant market cap of $500 million before crashing and dropping down to $25.3 million.

A rug pull is a scam that sees the team behind a token, coin or non-fungible token (NFT) sell all holdings leading to a price crash as soon as investors buy in pushing the price higher. Haliey Welch faced significant backlash over these allegations.

Still, Coffeezilla dismissed those accusations. He explained that Welch’s team had presold “a few million” welch to strategic advisors who decided to sell their holdings early, leading to a crash.

Can yall stop these insane headlines.
She didn’t rug for 500M and she didn’t profit $50M. FFS.

1. The team presold a few million to “strategic advisors” who sold early.
2. The token got sniped.
3. LP made >$1m on 15% fees according to the meteora tracker. https://t.co/drp6RlGog0

— Coffeezilla (@coffeebreak_YT) December 6, 2024

United States legal firm specialized in consumer protection Burwick law already started representing HAWK holders in an upcoming lawsuit. In a recent X post, the company wrote:

“We are representing clients in matters related to $HAWK. If you’ve experienced losses and would like to explore your options. […]

Please note that all legal claims depend on individual circumstances, and recovery is not guaranteed.”

At the time of writing HAWK is trading a $0.002473 after losing a further 5.25% over the last 24 hours. Haliey Welch’s token has a market cap of $24.73 million and a 24-hour trading volume of $438,280. The token’s current price is nearly 95% lower than its all-time high of $0.0492 reported on Dec. 4, just a few days ago.

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