Haliey Welch’s team has addressed the controversy surrounding her newly launched meme coin.
Recently, Haliey, widely recognized as Hawk Tuah Girl, entered the cryptocurrency scene with the release of her own coin named $HAWK.
However, shortly after its launch, its value plummeted, causing significant losses for many of her fans.
As a result, Haliey is reportedly under investigation to determine if those who lost money on her meme coin have grounds for a lawsuit.
The coin had reportedly reached a peak valuation of approximately $490 million, before dropping to just $41 million.
This situation exemplifies what cryptocurrency experts term a ‘rug pull’, where certain traders profit massively. CoinMarketCap describes these individuals as those who ‘buy the asset at a lower price and sell it at a higher price, capitalizing on the price difference’.
In response to the controversy, Haliey stated that her team ‘tried to stop snipers as best we could through high fees at the launch on @MeteoraAG’.
Now, overHere, the official platform for Haliey’s $HAWK token, has also commented on the situation.
On Twitter, the team shared their perspective on Monday (December 16).
“We Only Built Airdrop Tech for Web2 Fans, for Free,” the statement began.
“We saw $HAWK as the perfect use case for our startup’s idea: to bring airdrops to web2.
“Hailey Welch—a literal meme—launching a meme coin felt like synchronicity.
“Our goal was simple: bring Web2 fans into Web3 seamlessly. A way to bring Web2 into crypto through culture, not just speculation.
“First of its kind. That’s it. For free.”
They further explained: “We believed in that vision so much that pushed harder and harder, perhaps through rose-tinted glasses and naivety about others’ intentions, even as the project began to unravel.”
According to overHere, the situation deteriorated as ‘community sentiment shifted’.
“As desperation kicked in, participation conditions were progressively watered down,” the team explained.
“What started with plans for a lock-up eventually ended with none.”
They attributed part of the blame to an individual known as Doc Hollywood, who they claim ‘controlled all token decisions, fees, treasury’.
overHere also asserted that it did not profit from the incident, while alleging that Doc Hollywood imposed a 15 percent trading fee.
These claims were refuted by Alexander Larson Shultz, a team member known as ‘Doc Hollywood’, according to IBT.