The launch of memecoin HAWK on the Solana blockchain has sparked controversy and backlash.
The token experienced a rapid rise and fall, leading to accusations of unethical practices and potential regulatory attention.
Analysts revealed that nearly 96% of the token's supply was controlled by insider wallets, raising concerns of market manipulation.
Investors have expressed outrage and some have filed complaints with regulatory authorities, while legal challenges are expected for the project's team.