Haliey Welch, the internet personality recognized as the “Hawk Tuah Girl,” announced on Friday her commitment to fully cooperate with legal representatives of individuals affected by the recent crash of the $HAWK cryptocurrency. After launching the coin earlier this month, which drew influence from her viral catchphrase, Welch’s rapid rise to fame was marred by controversy as the coin experienced a significant price drop within hours of its release.
Investors have initiated a lawsuit against various parties involved, including the coin’s creators, overHere Ltd., founder Clinton So, and social media influencer Alex Larson Schultz. The lawsuit alleges that these individuals unlawfully promoted and sold cryptocurrency that lacked proper registration with the Securities and Exchange Commission (SEC). Notably, Welch hasn’t been named as a defendant in this case.
In a post on the social media platform X, she expressed her deep concern for those affected by the situation. Welch stated her desire to assist both the affected investors and the legal team in uncovering the truth and ensuring accountability. “I take this situation extremely seriously,” she remarked, encouraging anyone who faced financial losses to reach out to the law firm Burwick PLLC.
The law firms involved indicated that the market capitalization of the $HAWK token dramatically increased to $491 million post-launch, only to crash by over 90% shortly after, leaving many investors—particularly newcomers lured by Welch’s influence—with considerable financial setbacks.
Welch’s foray into the cryptocurrency space follows her rising popularity, which escalated after a viral interview in June. She has since leveraged her persona for various ventures, including merchandise, a podcast titled “Talk Tuah,” and an AI dating app named Pookie Tools.
While the volatile nature of memecoins like $HAWK is often driven by social media trends, this incident has sparked wider discussions about the responsibilities of influencers in promoting cryptocurrencies. The involved attorneys highlighted this case as reflective of a pattern where celebrity endorsements in the crypto space can lead to significant harm for everyday investors.
This situation, albeit challenging, underscores the importance of transparency and due diligence in the cryptocurrency realm. As legal processes unfold, it is hopeful that the outcome may not only bring justice to those impacted but also foster greater accountability in the burgeoning world of digital currencies. Welch’s proactive stance in cooperating may serve as a precedent for influencer responsibility moving forward.