Hawk Tuah girl's team finally reveal 'truth' of what happened as fans 'lose life savings' after buying her cryptocurrency

Haliey Welch's team has spoken out on the controversy surrounding her recently released meme coin.

Earlier this month, Haliey - best known as Hawk Tuah Girl - dipped her toe into the cryptocurrency world and released her own called $HAWK.

But within an hour of it being released, its value drastically decreased and many of the viral star's fans lost a heck of a lot of cash.

With this in mind, Haliey is reportedly being investigated to see if there's any scope for those who lost money on her meme coin to file a lawsuit.

It's said that $HAWK peaked at around $490 million, before crashing to just $41 million.

What's happened is an apparent 'rug pull', as cryptocurrency experts call it, where snipers end up making a huge profit. These are people who 'buy the asset where it's cheaper and instantly sell it where it's more expensive, profiting from the price gap', explains CoinMarketCap.

Haliey herself has since responded to the controversy and insisted that her team 'tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG'.

Now overHere - the official platform for Haliey's $HAWK token - has addressed the matter as well.

Taking to Twitter on Monday (December 16), the team revealed the so-called 'truth' about what happened.

"We Only Built Airdrop Tech for Web2 Fans, for Free," it's statement began.

"We saw $HAWK as the perfect use case for our startup’s idea: to bring airdrops to web2.

"Hailey Welch—a literal meme—launching a meme coin felt like synchronicity.

"Our goal was simple: bring Web2 fans into Web3 seamlessly. A way to bring Web2 into crypto through culture, not just speculation.

"First of its kind. That's it. For free."

It continued: "We believed in that vision so much that pushed harder and harder, perhaps through rose-tinted glasses and naivety about others’ intentions, even as the project began to unravel."

As to how things unravelled, overHere says that 'community sentiment shifted'.

"As desperation kicked in, participation conditions were progressively watered down," the team said.

"What started with plans for a lock-up eventually ended with none."

It went on to place blame on an individual who goes by Doc Hollywood, who apparently 'controlled all token decisions, fees, treasury'.

Then, overHere further insisted that it made zero revenue from the whole debacle and that Doc Hollywood allegedly charged 15 percent trading fees.

These allegations were denied by Alexander Larson Shultz, a team member nicknamed 'Doc Hollywood', as reported by IBT.

UNILAD has been unable to contact Doc Hollywood for comment.