The HAWK meme coin, launched with great fanfare on Solana in early December 2024, experienced a dramatic crash of more than 90% within hours, leaving investors furious and accusing the project of being a classic rug pull. Now, Overhere, the company that claims to have built the token's 'airdrop tech,' has publicly shifted the blame onto the project's star, Haliey Welch, and her team, including key member Alexander Larson Shultz (aka 'Doc Hollywood').
The Scandal Unfolds: From Hype to Crash
HAWK, named after the internet sensation Haliey Welch (the 'Hawk Tuah Girl'), was intended to bridge Web2 fans into the crypto world. However, the token's price plummeted almost immediately after its launch on December 5, 2024. At the time of reporting, HAWK was trading at $0.001219, down 9.38% in the last 24 hours, a far cry from its December 5 high of $0.003703. Disgruntled investors quickly labeled the project a scam, accusing the team of withdrawing funds and abandoning the token.
Overhere's Accusations: A Tale of 'Naivety' and 'Betrayal'
In a detailed thread posted on X, Overhere claimed it worked on the HAWK project 'for free with no official contract or financial compensation.' The company stated, 'Our goal was simple – bring web2 fans into web3 seamlessly. For free.' Overhere portrayed itself as a naive firm duped by wily memecoin architects, specifically targeting Shultz, who it accused of exploiting Welch's fame. 'This project needs Hailey's team to step up, Doc to step down [and a] full treasury audit,' Overhere demanded. The company also insisted that the technology behind the launch 'still works' and invited 'real fans' to claim their tokens.
Community Backlash: Skepticism and Mockery
However, the crypto community was quick to dismiss Overhere's narrative as an attempt to whitewash its own role. Commenters on X accused Overhere of rewriting history. One user asked, 'Are you trying to spin the facts because you know you launched a scam?' Another sarcastically echoed the company's statement: 'Our goal was simple – bring web2 grifters into web3 to rug it seamlessly.' Many pointed out that Overhere's thread conveniently omitted details about how the project extracted funds from buyers, raising doubts about its claim of being a victim.
Regulatory and Market Implications
As the finger-pointing continues, neither Welch nor Shultz have publicly responded to Overhere's allegations. The HAWK saga highlights the ongoing trust crisis in the meme coin sector, where celebrity-backed tokens often lack fundamental value and are prone to manipulation. With regulatory scrutiny increasing, projects like HAWK may face legal consequences, especially if evidence of intentional fraud emerges. For now, the only winners appear to be those who cashed out before the crash, while retail investors are left holding worthless tokens.