Stephen Findeisen, known as “Coffeezilla,” addressed false claims about viral influencer Hailey Welch and her memecoin, HAWK. On December 6, he urged his followers to reject exaggerated headlines.
“Can y’all stop these insane headlines? She didn’t rug for $500M and didn’t profit $50M,” Coffeezilla posted to his 638,900 followers on X.
HAWK Memecoin Launch Sparks Controversy
The December 5 launch of the Hawk Tuah memecoin caused a stir after its value surged briefly and then crashed. Allegations of insider trading and sniper bot activity fueled outrage, sparking rumors about lawsuits and massive profits tied to Welch.
Coffeezilla countered these rumors, calling them misinformation. He revealed that the HAWK team presold tokens to strategic advisors who sold them early, increasing volatility. Welch’s lawyer confirmed she received $125,000, with her tokens locked for a year.
Coffeezilla noted that transaction fees and presale revenues remain unclear. He also dismissed rumors of lawsuits against Welch, clarifying that no legal actions have been initiated.
Welch and Team Address the Claims
Burwick Law invited victims to explore legal options. However, Welch denied selling tokens and stated her team implemented high fees to deter sniper bots. She assured the public that these fees were later reduced.
OverHere, the team behind HAWK, emphasized that Welch’s tokens are locked for one year and distributed as per tokenomics. They promised a detailed update to clarify misinformation.
Market Cap Declines Amid Insider Allegations
HAWK’s market cap climbed to $490 million before crashing by 91%. Blockchain firm Bubble Maps revealed that insiders controlled about 80% of wallets.
Welch explained her team tried to stop sniper bots with high fees. She called for a focus on facts while OverHere committed to increasing transparency.
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