December 05, 2024 at 9:13 p.m. IST
The sudden accident raised several eyebrows, with many accusing the internet personality of scamming them by pulling a rug.
Hailey Welch, aka the Hawk girl Tuah, launched its highly anticipated memecoin on Solana Wednesday. While $HAWK saw an initial surge of $500 million, it fell to $60 million in just 20 minutes. As the shocking accident caused some shoppers to lose their “life savings”, netizens accused the 21-year-old of crypto scams of “rug pulling” and “pump and dump”.
Hawk Tuah Girl’s $HAWK meme coin crashes in minutes, buyers lose all their money
Just minutes after launch, $HAWK soared to $500 million, sparking buyer confidence. However, this was short-lived, as crypto plunged to $60 million in 20 minutes. Buyers of the meme coin, who were primarily Welch fans, suffered severe monetary losses. The sudden crash raised several eyebrows, with many accusing the internet personality of scamming them with a rug pull, a type of common exit scam typically seen in the cryptocurrency market.
What is carpet traction?
“A rug pull is a type of exit scam that involves a team raising money from investors and the public by selling a token only to quietly shut down the project or suddenly disappear, stealing the funds raised and leaving the “investors “(i.e. their victims)) with worthless tokens”, according to CoinDesk.
$HAWK Buyers Demand Hailey Welch Be Sent to Prison
Fans quickly flocked to social media to highlight their losses, with one blaming Welch for the loss of his “life savings.” “My $35,000 that I purchased from $Hawk is now $2,000 after 10 minutes of purchasing. I’m a big fan of Hawk Tuah but you took my savings. I bought your $Hawk coin that you were so excited about with my savings and my kids college fund,” one X user wrote.
“You didn’t mention that you were going to buy 97% of the supply and sell it almost immediately for a significant profit. If I had known this information, I would not have purchased your part. Please help me or who can I contact for a refund? Otherwise, I will be forced to resort to legal action,” they added.
Crypto enthusiast Bento Boi has warned netizens to stay away from cryptocurrencies, especially celebrity coins. Sharing his assessment of the dramatic crash, the internet personality wrote: “$HAWK TUA Memecoin developer made over $2 million in 10 minutes?! 96% of the supply is kept in a single cluster. Takeaway: Stay away from celebrity pieces. Here is the situation.
Recommended topics