Stephen Findeisen, widely known as "Coffeezilla," has taken to social media to denounce false and exaggerated claims surrounding viral influencer Hailey Welch and the launch of her memecoin, HAWK.
The YouTube investigator addressed the controversy on December 6, urging people to stop spreading misleading headlines.
"Can y'all stop these insane headlines? She didn't rug for $500M and she didn't profit $50M," Coffeezilla stated in a post to his 638,900 followers on X.
Hawk Tuah Meme Coin’s Launch Sparks Controversy
The December 5 launch of Welch's Hawk Tuah memecoin, which experienced a rapid price surge and subsequent crash, has sparked controversy in the crypto community.
Allegations of insider trading and sniper bots fueled public outrage, leading to rumors of lawsuits and massive profits tied to Welch.
Coffeezilla, however, dismissed much of this speculation as misinformation.
According to Coffeezilla, the HAWK team "presold a few million" tokens to strategic advisors who allegedly sold early, contributing to the token's volatility.
He clarified that the "exact amount" of funds generated is still unknown but noted Welch's lawyer has stated she received $125,000, with her tokens locked for a year.
Coffeezilla also highlighted that it remains unclear where proceeds from transaction fees and the presale have gone.
Additionally, Coffeezilla debunked claims of legal action against Welch, stating, "She isn't being sued (yet), so literally everything in this post is misinformation."
Meanwhile, U.S.-based Burwick Law has invited alleged victims of the launch to explore their legal options.
Welch's most recent statement on X claimed the team had not sold any tokens and attempted to deter sniper bots by implementing high fees at the start of the launch.
While questions remain, Coffeezilla has called for a focus on verified facts rather than speculation.
Hawk Tuah Girl Defends Meme Coin Amid 90% Drop
$HAWK's market cap ballooned to $490 million before swiftly plunging 91% shortly following its launch on Wednesday, December 4.
Blockchain data firm Bubble Maps shows that upwards of an estimated 80% of all wallets and snipers were controlled by insiders, skewing the token's value.
"We tried to stop snipers as best we could through high fee's in the start of launch on @MeteoraAG," Welch said in a Thursday X post. "Fee's have now been dropped."
OverHere, the team behind Welch's token, also pushed back on claims in a late Wednesday post to X.
"Hailey's Team has sold absolutely no tokens whatsoever," they said. "Hailey's Team has 10% allocation which is locked for 1 year and vested over 3 years."
"The rest of the tokens are distributed into the different wallets as according to the tokenomics," OverHere added, saying the company would provide a more detailed overview of the situation at a later date.
The post Coffeezilla Debunks Misleading Headlines About Influencer Hailey Welch and HAWK Memecoin appeared first on Cryptonews.
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