Coffeezilla grills Hawk tuah team after she rugpulled her community for millions with her meme coin $Hawk
In a heated exchange on a live stream, cryptocurrency investigator Coffeezilla confronted members of the Hawk Tuah project team over allegations of a controversial token launch that reportedly cost investors millions.
The confrontation centered around claims of insider trading and questionable tokenomics, with Coffeezilla asserting that over $1 million in fees were generated while investors suffered losses.
“I’ve been tracing it on chain for a while. You guys generated over a million dollars in fees while y’all’s fans got rug pulled,” Coffeezilla stated during the discussion on X Spaces.
Project team members strongly denied the allegations, with one representative claiming, “There’s no insider trading.” However, when pressed about the destination of the fees, team members indicated they went to a foundation in the Cayman Islands.
The project’s tokenomics came under particular scrutiny, with Coffeezilla highlighting that only 3% of tokens were released to the public Meteora pool, while 17% was allocated for “strategic” pre-sale at a $16.69 million valuation.
“This is one of the most miserable horrible launches I’ve ever seen in my life,” Coffeezilla declared, questioning the structure of the token distribution and the role of Haley Welch, who was identified as central to the project.
Team representatives defended their approach, citing operational costs and claiming approximately 18 people were working on the project. “Do you know how much it costs for lawyer fees to create a foundation in the Cayman Islands to hire directors?” one team member responded.
Despite the team’s insistence that the project was legitimate and built for long-term sustainability, Coffeezilla maintained his position that the tokenomics structure was problematic, stating, “I’ve only seen a million of these projects.”
The debate highlighted ongoing concerns in the cryptocurrency space about project transparency and investor protection, with both sides remaining firmly entrenched in their positions throughout the exchange. Ultimately, Coffeezilla’s microphone got muted as the team was unwilling to be called out for their egregious behavior.
On December 4, social media influencer Hailey Welch’s attempt to launch a memecoin ended in controversy as the cryptocurrency’s value plummeted from $500 million to $60 million within minutes of its debut.
Welch, known as the “Hawk Tuah Girl” after going viral for a comedic viral video earlier this year, launched the $HAWK token on the Solana blockchain. The launch quickly attracted attention, but what followed was a spectacular crash that sparked heated debates within the crypto community.
The controversy deepened when Welch took to social media claiming, “Team hasn’t sold one token and not 1 KOL was given 1 free token.” However, community notes on the platform quickly challenged this statement, presenting evidence that “the ‘team’ and insiders have actually been selling their token since launch.”
Analysis of the token’s distribution revealed concerning patterns, with reports indicating that 96% of the supply was concentrated in a single cluster. Community members pointed out that many holders “have never purchased anything and have only sold the tokens they were given.”
The incident has reignited discussions about the risks associated with celebrity-backed cryptocurrencies.
