Hawk Tuah Girl Vs. Coffeezilla: Viral Star Clashes With Crypto Sleuth Over Token Crash

1. WHO: Investors and fans who purchased the Hawk Tuah cryptocurrency launched by viral meme personality Haliey Welch were affected by this apparent scheme. 2. WHAT: The Hawk Tuah cryptocurrency experienced a catastrophic 88% drop in market capitalization from $490 million to $60 million within hours of launch. This precipitous decline has all the hallmarks of a classic pump and dump scheme, where insiders sell their holdings after creating artificial hype. 3. HOW: The scheme leveraged Welch's viral fame to attract investors. Cryptocurrency watchdog Coffeezilla revealed that Welch was paid approximately $125,000 upfront by unnamed parties to market the token, with an arrangement to receive 50% of net proceeds after third-party costs. To protect themselves, investors should research thoroughly before investing in influencer-backed cryptocurrencies, look for transparent tokenomics, verify if team tokens are locked, and understand the actual utility of any token before purchasing. 4. WHY: This appears to be motivated by financial opportunism - capitalizing on fleeting internet fame to extract quick profits. The lack of a substantial use case beyond 'uniting fans and tackling impersonators' suggests the token had no genuine long-term value proposition, making it ideal for a quick cash grab. 5. WHERE: The impact was global among cryptocurrency investors, particularly affecting followers of Welch who trusted her endorsement. The cryptocurrency community at large has also been affected, as such incidents damage trust in the broader digital asset ecosystem.