Haliey Welch, On Wednesday, a new cryptocurrency’s launch went poorly; its market capitalisation reached around $500 million before plummeting to $25 million almost instantly.
After some traders seemed to suffer significant losses, the Hawk Tuah coin, which was introduced by viral phenomenon Haliey Welch, may now be subject to legal action.
Crypto scam allegation against Haliey Welch
Many criticised Welch and her crew for “one of the most miserable, horrible launches” ever witnessed when $Hawk made its debut on the Solana blockchain earlier this week. The influencer has also been accused of insider trading; according to CoinTelegraph, insiders, snipers, or organisations that bought substantial amounts of the currency at launch controlled between 80% and 90% of it.
However, Haliey Welch, and her group have consistently maintained that they did not sell any tokens and refute the accusations. Their allotment was set at 10% and “locked for 1 year and vested over 3 years,” according to a post on X by overHere that introduced the coin. In accordance with “tokenomics,” the remaining tokens were allocated to other wallets.
Additionally, some detractors conjectured that the coin was introduced as a component of a “pump and dump” strategy. However, there is now no concrete proof of misconduct, and it is unclear if Haliey Welch, and her staff may face legal action given the circumstances.
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