Official reports or statements from investigative bodies or authorities

Hawk Tuah Girl's $HAWK Token on Solana Plummets 90% After Alleged Rug Pull

Dec 4, 2024, 11:08 PM

The Hawk Tuah Girl, known from a viral TikTok video, launched a meme coin named $HAWK on the Solana blockchain. The token quickly achieved a market cap of $500 million before plummeting to $60 million within 20 minutes. Reports indicate that 97% of the token supply was initially held by the deployer's wallet, leading to allegations of a 'rug pull' where insiders sold off their holdings, causing the price to crash. Despite claims by the token's creators that no team members sold tokens and no key opinion leaders were given free tokens, the distribution of tokens has been criticized for its lack of transparency and fairness. The tokenomics, as explained by the Hawk Tuah Girl, included high fees at launch to deter snipers, but this did not prevent the token from being labeled as a scam by some investors. The situation has led to widespread disappointment and accusations of manipulation within the cryptocurrency community.