WEEKLY UPDATE: Largest Daily Liquidations in years this week.

Plus Huak Tuah girl launches token and immediately rugs her fans (DUH)

Author

will stauner
December 12, 2024

THE PHENOM CRYPTO LETTER

GM,

Welcome to the Phenom Weekly Update, where the crypto world reminds us once again that chaos is the only constant. This week’s highlights include a liquidation bloodbath that had traders sweating bullets, the inevitable rug pull from the Hauk Tuah Girls meme coin launch (because of course), and scammers pulling off their latest grift by impersonating Cobie on X. It’s been a week of lessons learned—mostly the hard way. Let’s dive into the drama, the fallout, and what it all means for the rest of us still here for some reason.

Here’s what we’ve got this week:

  • Large Liquidations this week

  • The Hauk Tuah girl meme rugs her fans

  • Scammers take over Cobie’s Uponly Podcast

Jump to :

Crypto Market Gets Liquidated: $1.5 Billion Goes Poof

Crypto markets took a beating this week, with liquidations surpassing a jaw-dropping $1.5 billion. If you’re feeling like your portfolio just got hit by a truck, you’re not alone—this was the largest single-day wipeout in over a year.

What Happened?

  • BTC and ETH Drop: Bitcoin and Ethereum led the plunge, losing around 10% in value. BTC fell into the low $90k, while ETH briefly dipped as well, leaving traders scrambling for cover.

  • Leverage Overload: Leveraged traders were hit hardest, as cascading liquidations amplified the price drops. Reminder: leverage is fun… until it isn’t.

  • Altcoin Bloodbath: The altcoin market didn’t fare much better, with tokens posting double-digit losses.

Why the Crash?

Analysts point to a mix of factors, including rising U.S. Treasury yields, regulatory uncertainty, and macroeconomic jitters. Combine that with the usual suspects—overleveraged traders and thin liquidity—and you’ve got a recipe for a market meltdown.

The Aftermath

  • Exchanges Clean Up: Centralized exchanges like Binance and Bybit raked in fees from the chaos, proving once again that the house always wins.

  • Survivors Speak: Some traders took to Twitter to share stories of losing their life savings, while others mocked their own poor decisions. Nothing like a meme to ease the sting of financial ruin.

Lessons Learned?

Leverage is a double-edged sword. If you’re betting big, make sure you’re not betting the farm. As the saying goes, "Bulls make money, bears make money, but pigs get slaughtered."

For now, the market seems to be stabilizing—but don’t get too comfortable. This is crypto, after all and dips like this are normal. 🚀💥

$HAWK Token Drama: Haliey Welch’s Memecoin Mess

In a saga fit for the crypto history books, Haliey Welch, media personality and self-proclaimed memecoin innovator, finds herself at the center of a $HAWK-sized controversy. Her attempt to ride the memecoin hype wave has hit rocky waters, with accusations flying about shady tokenomics, dubious claims of utility, and a Cayman Islands foundation that may or may not exist.

The Rise and Fall of $HAWK

  • Initial Hype: $HAWK launched with a staggering $400 million market cap, promising to “revolutionize” memecoins. The reality? It nosedived to under $20 million faster than you can say “pump and dump.”

  • Tokenomics Gone Wild: According to blockchain analytics firm Bubblemaps, 96% of the token supply was held in a single cluster. While Welch’s team denies foul play, skeptics are unconvinced.

The “Utility” Question

  • Welch and her collaborators, overHere, promised “real utility” for $HAWK, claiming it would onboard hundreds of thousands of non-crypto users. Yet the token’s terms and conditions state it’s only for people already “knowledgeable in cryptocurrencies.” A slight disconnect, don’t you think?

  • The closest thing to utility? The claim that $HAWK would onboard new users—essentially calling marketing "utility." Spoiler: it’s not.

The Mystery Foundation

  • During a public AMA, Welch’s team referenced a Cayman Islands foundation backing $HAWK. But documents link the project to a British Virgin Islands entity instead. Confused yet? So is everyone else.

The Takeaway

$HAWK's tale is a cautionary reminder that memecoins can be equal parts hype and headache. As Welch and her team dodge questions, one thing is clear: when it comes to crypto, always read the fine print—and maybe avoid anything tied to a blowjob meme.

UpOnly Podcast Account Hacked: Hacker Claims Six-Figure Payday Using Cobie’s Likeness

In the latest crypto drama, hackers took control of the UpOnly podcast’s X account, rebranded it, and promoted a fraudulent token, all while boasting about pocketing six figures in the process. And yes, they dragged co-host Cobie’s likeness into the chaos for added flair.

The Hack

  • The hacker changed the account handle from @UpOnlyTV to @RanByLyoni, posting about a fake token as if it were an official UpOnly project. Classic scammer move.

  • Co-host Brian Krogsgard (aka Ledger) noticed something was amiss when he couldn’t log in at 2 AM GMT. He assured followers this wasn’t a SIM swap but couldn’t pinpoint how the breach happened.

The Fallout

  • Cobie, the show’s other host, briefly unlocked his private account to warn users not to fall for the scam.

  • Posts from the hackers bragged about using Cobie’s likeness to make their “six figures.” They even left a cheeky invitation for Cobie to “make a deal” with them. Subtle.

  • In a bizarre twist, the original handle, @UpOnlyTV, was temporarily snagged by someone else before being suspended. Because why not add more chaos?

  • The incident highlights the ongoing security woes in the crypto space, even for influencers who’ve been relatively dormant—UpOnly hasn’t streamed in two years but still managed to get hacked.

Takeaway

If nothing else, this hack is a masterclass in audacity. It’s also a reminder to lock down your accounts, even if you think your brand has gone quiet. And maybe don’t negotiate with scammers who brag about ripping you off. Just a thought. 🐦🔓

READING CORNER

A collection of longer form content we are consuming this week 

Diving into AI Agents this week. This vertical will be massive.

69+ Projects to Build for the Rise of AI Agents

We’re entering an era where knowledge will be the next economic resource. In ancient times, knowledge was power. Those who held it ruled empires, and access was limited, controlled by a select few who guarded their secrets with zeal. Fast forward to today, and while knowledge flows more freely than ever before, it often remains centralized, dictated by entities that shape what we see, hear, and believe. Knowledge should be alive, dynamic, evolving, and accessible to all.

mirror.xyz/mattwright.eth/lMiFZnjbJ_jYCzE05XKzvTqrRqeRkJGXa8pIGNBBo2A

NEWS

Quick Hitters from the week

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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