The rise and fall of the $HAWK memecoin is one of the modern examples of why there is disbelief in the cryptocurrency industry, and after several weeks since Haliey Welch went offline, the influencer turned crypto entrepreneur now released her statement. Amidst the controversy, Welch defended her memecoin based on her renowned "Hawk Tuah" viral moment saying that it is not a scam, but now, she is open to assisting the victims.
After the launch event, many crypto analysts and content creators called her out and claimed that her memecoin was a scam, accusing her and the team of engaging in a 'pump and dump' scheme.
Haliey Welch Wants to Help Victims and Cooperate With The Law
Since December 4, Hailey Welch has not made a post on her X account following the controversy that surrounded the crash of her $HAWK, a memecoin based on her viral "Hawk Tuah" TikTok, until now. Several weeks after the disastrous launch, Welch now spoke up regarding $HAWK, and in her statement, she claimed that she also wanted to get to the bottom of the issue.
According to Welch, she is now cooperating with the legal team that is representing the people who lost money after the grievous crash when the Hawk Tuah memecoin launched, claiming that she is now assisting her fans who became victims of the crypto.
While Welch did not acknowledge that the $HAWK memecoin is a scam, she regarded that she wants to help the community "hold the responsible parties accountable" as well as "resolve this matter."
The Wake of $HAWK Memecoin: Pump and Dump Allegations
During $HAWK's downfall after its meteoric rise, many law firms have presented to assist the victims by commenting on their replies directed by the fans to Welch, especially those who significantly lost money immediately after the event. That being said, Welch's latest statement shared the link to the Burwick Law firm which assisted the victims in the case, urging others who were also victimized to raise their grievances against those responsible.
Memecoins Have a Bad Rep In the Industry
Haliey Welch's 'Hawk Tuah' memecoin has been one of the most recent notorious controversies in the crypto space, but it was not the first crypto based on a meme that faced these kinds of issues in the market. The so-called 'pump and dump' schemes have been closely tied to memecoins for a long time, particularly as they see a massive hype during the beginning, and only its owners get away with earning, but not the fans.
While many still engage with these coins, not being able to 'dump' at the right time after the pumping is over could result in massive losses for users, and this has been evident in memecoins' history. There was once a so-called "Mando" coin that was endorsed by a TikTok crypto influencer, but he admitted that he was also fooled by its popularity which turned out to be a scam.
There are still several memecoins that are trustworthy and have cemented themselves as the reliable ones in the market like Dogecoin, SHIBA, Pepecoin, and more, there is still a massive uncertainty not only in memecoins, but in the entire crypto industry. Welch is known for her viral moment which she followed up with months of fame, but her $HAWK memecoin led to her being branded as a scammer, but the influencer wants to clear things up and help those who faced losses with her memecoin.
