Highlights
- Haliey Welch’s $HAWK coin plummeted from a market cap of $500 million to $25 million, a dramatic 95% loss in value.
- The lawsuit involves OverHere Ltd., Clinton So and Alex Larson Schultz. Welch assumes responsibility but is not a defendant.
- Welch has ended his silence and promised legal cooperation and a solution, but investor confidence remains deeply shaken.
Hawk Tuah Girl, Haliey Welch has finally broken her silence following the dramatic collapse of cryptocurrency $HAWK. The influencer, known for South’s viral and meteoric rise to fame, publicly addressed the fallout two weeks after leaving social media.
Earlier this month, Welch launched $HAWK, a cryptocurrency meme coin on the Solana blockchain. It initially reached an impressive market capitalization of $500 million, then plummeted to $25 million. This is a shocking 95% loss in value. Investors have accused Welch’s team of orchestrating pump-and-dump schemes and insider trading, claims the team has denied.
According to data compiled by Bubblemaps, internal wallets and shooters accounted for 80% to 90% of HAWK supply during the initial launch period. These companies quickly acquired a significant portion of the tokens, immediately gaining effective control.
Source: Bubble Map
Prime Minister Welch emphasized in a statement posted on Twitter Friday morning that the situation must be taken seriously. This is her first public acknowledgment of the controversy surrounding the sudden crash of the $HAWK token. She assured full cooperation with legal representatives for affected investors and pledged to uncover the facts, ensure accountability and find solutions.
I am taking this situation very seriously and would like to tell our fans, affected investors, and the broader community. I fully cooperate and support the legal team representing the affected individuals and am committed to helping them get to the bottom of the case.
— Halie Welch (@HalieyWelchX) December 20, 2024
Welch, who is not named as a defendant in the case, encouraged affected investors to contact Burwick Law for assistance. Meanwhile, the lawsuit alleges that the coin’s creator, OverHere Ltd, and executive Clinton So, along with LA-based promoter Alex Larson Schultz, mishandled the launch and sale of the cryptocurrency.
Court Ruling Exposes $HAWK Fraud – Welch Remains Silent
A court ruling on December 19 deepened the fallout by exposing the illegal promotion and sale of $HAWK tokens. The lawsuit names Tuah The Moon Foundation as responsible for managing the funds from the coin sales.
“(The lawsuit) arises from Defendants’ unlawful promotion and sale of the Hawk Tuah cryptocurrency memecoin, known as the ‘$HAWK’ token, which was offered and sold to the public without proper registration,” the ruling said.
Welch himself was not directly involved in the lawsuit. Still, questions arose after her Dec. 5 Public Space stream, where she dodged investor questions about the crash by saying she was “going to sleep” before abruptly disconnecting.
Her silence ended with a Twitter statement Friday, but the controversy remains unresolved. Welch’s Instagram, which has millions of followers, has been inactive since December 3, and her podcast account was last posted the following day.
What’s next for Hawk Tuah Girl?
The cryptocurrency crash overshadowed Welch’s early success as an internet personality. Her ventures like Talk Tuah and Pookie Tools have shown her ability to leverage fame, but the $HAWK failure is a cautionary tale of how quickly fortunes can change in the volatile cryptocurrency sector.
Despite these challenges, Welch remains committed to finding answers. Her promise to “hold responsible parties accountable” leaves many wondering whether her charisma and determination can help rebuild trust, or whether the damage has already been done.
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With over 3 years of cryptocurrency writing experience, Bena is committed to making cryptocurrency, blockchain, Web3, and fintech accessible to everyone. Aside from cryptocurrency, Bena enjoys reading books in her free time.
