Summary:
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Hailey Welch launched HAWK memecoin, but its value dropped 94% within hours, sparking accusations of scamming and insider trading.
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Despite accusations, Welch denies any wrongdoing and claims her team did not participate in token sales or provide free tokens to influencers.
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Law firms are seeking investors who suffered losses to potentially join lawsuits against Welch and her team as the controversy grows.
Hailey Welch, known for her viral “Hawk Tuah” catchphrase, launched the HAWK memecoin on December 4, promising to revolutionize the crypto space. Despite an initial market capitalization surge to $500 million, the coin plummeted 94% within 12 hours, leading to accusations of insider trading and scamming from on-chain investigator Coffeezilla. Welch denied these allegations, asserting that her team did not engage in any token sales or grant free tokens to influencers.
As the controversy escalates, law firms are now soliciting investors who incurred losses to join potential lawsuits against Welch and her team.
