A crypto controversy has erupted after Hawk Tuah’s $HAWK meme coin plummeted 88%, sparking accusations of a potential “rug pull” scam. Launched on December 4, 2024, on the Solana blockchain, $HAWK initially soared to nearly $500 million before crashing to just $60 million. Fans and crypto enthusiasts are now calling for legal accountability, questioning whether Tuah or those behind the project will face criminal charges. Tuah has denied any control over the coin’s management, but many remain skeptical about her involvement.
Explosive Growth, Followed by a Crash
The $HAWK coin’s meteoric rise was nothing short of extraordinary, with the market cap reaching nearly $500 million in just minutes after launch. However, the excitement quickly turned to devastation as the value dropped by 88%, leaving investors in shock. This sharp decline has caused widespread panic among holders and triggered accusations that the launch was nothing more than a scam designed to make insiders rich while leaving small investors with worthless tokens.
Accusations of a ‘Rug Pull’ and Insider Trading
The rapid collapse of $HAWK has led many to speculate that the project may have been a “rug pull,” where the creators sell off their holdings, abandoning investors with worthless tokens. Crypto insiders have pointed to the possibility of “sniping,” where large investors scoop up most of the tokens, and then sell off their positions once the price collapses. The allegations have led to a flood of social media posts calling for accountability, with some even suggesting that Tuah and her team were in on the scheme.
The Internet’s Furious Reaction
The reaction from internet users has been intense, with many demanding legal consequences for Hawk Tuah. One user wrote, “She’s gonna have to talk to the judge soon,” referencing her viral fame, while others joked, “She can spit behind bars — sure the guards would enjoy.” The accusations have led to memes, with some even dubbing the incident “Jail-Tua” or “Rug Tuah.” The controversy has sparked widespread debate about the ethics of meme coin launches and whether creators should face legal repercussions if things go wrong.
Tuah’s Response: Denying Responsibility
In the aftermath of the crash, Hawk Tuah issued a public statement defending the launch of $HAWK. She explained that the token was designed to bring her closer to her community and eliminate confusion caused by scammers using her name without authorization. However, Tuah also emphasized that she had no control over the token’s management. Her manager, Jonnie Forster, echoed her sentiments, claiming the project was never meant to be a cash grab but to reshape public perceptions of cryptocurrency.
Will Tuah Face Legal Action?
As the dust settles, questions remain about whether Hawk Tuah will face legal action over the $HAWK token’s failure. While she maintains she was not involved in the coin’s management, many are unconvinced, believing she may have been a willing or unwitting participant in a much larger scheme. As investigations continue, the crypto community is waiting anxiously to see if any legal action will be taken against Tuah or the team behind the project.
