Haliey Welch, a 21-year-old TikTok star known as the “Hawk Tuah Girl,” quickly rose to fame with her viral catchphrase but found herself in hot water after launching her cryptocurrency, $Hawk.
The coin initially soared to an impressive $490 million market cap but then crashed by 95% within hours, leaving many investors with heavy losses. This sharp decline sparked allegations of a “pump and dump” scheme, where the coin is artificially inflated in price before being sold off for profit.
Welch’s team claimed that the crash was due to aggressive trading bots known as “snipers,” which rapidly buy and sell tokens to take advantage of price fluctuations. However, critics have accused Welch and her team of insider trading. A lawsuit has been filed against the developers of the coin, although Welch is not named as a defendant.
After remaining silent for a while, Welch finally spoke out on her podcast, “Talk Tuah,” where she expressed regret and suggested that trusting the wrong people played a role in the situation.
She recognized the troubling dynamics and harsh realities of the cryptocurrency market. Welch’s experience highlights the risks associated with investing in volatile cryptocurrencies and the need for caution.
Despite the backlash, Welch is working to restore her reputation. The downfall of the $Hawk coin serves as a warning about the necessity of knowledge and prudence in the fast-evolving crypto landscape.
Some analysts predict continued skepticism in the market, advising investors to conduct thorough research before diving into speculative assets.
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