Haliey Welch, who gained fame as the “Hawk Tuah Girl,” has recently addressed her fans for the first time following the dramatic decline of her meme coin, $HAWK, shortly after its launch.
On December 4, $HAWK saw an explosive beginning, achieving a market cap of $490 million, but this was short-lived as its value plummeted by 95% just minutes later, ultimately dropping below $100 million. Investors reportedly lost around $151,000, leading to a lawsuit filed in New York against the creators of the coin, including overHere Ltd., founder Clinton So, and social media influencer Alex Larson Schultz. Notably, Welch is not included as a defendant in this lawsuit.
Meme coins like $HAWK often capitalize on internet humor and trends but are notorious for their volatile nature and lack of intrinsic value. The lawsuit further alleges that the creators took advantage of Welch’s online popularity to promote the coin, engaging in practices deemed as insider trading and misleading promotions.
After keeping a low profile for two weeks, Welch reached out on her social media page, expressing her commitment to support those impacted by the financial losses. She stated, “I take this situation extremely seriously… I am fully cooperating… to help uncover the truth, hold the responsible parties accountable, and resolve this matter.” Welch emphasized her non-involvement in the actual launch of the coin and encouraged affected investors to reach out to legal representation for assistance.
Billionaire investor Mark Cuban has also publicly defended Welch, expressing that she was not fully aware of the situation and was simply trusting the people around her during the process.
This situation highlights not only the risks associated with meme coins but also the potential challenges faced by influencers navigating the cryptocurrency landscape. It serves as a reminder of the importance of transparency and due diligence in the cryptocurrency market, fostering a safer environment for future investments.
In summary, while the fall of $HAWK has led to significant losses for investors, Welch’s willingness to cooperate and seek accountability may help restore some trust in the process going forward. It illustrates a lesson learned for many in the increasingly complex world of cryptocurrencies, reinforcing the notion that education and awareness are key components for success in this unpredictable market.