Haliey Welch, known as "Hawk Tuah Girl," has publicly distanced herself from the failed HAWK memecoin project launched in December 2024. Although initially proud and enthusiastic about the token, claiming compliance and active involvement, Welch now states she did not fully understand the crypto venture and expresses regret over the trust placed in her by fans.
Welch revealed on her Talk Tuah podcast that she was questioned by the FBI and submitted her phone to the SEC during inquiries. However, both agencies cleared her of any wrongdoing, allowing her to resume public engagement. Welch emphasizes that she was not involved in the core development or sales of the token, which launched on the Solana blockchain.
The HAWK token experienced a dramatic surge, reaching a market capitalization near $491 million within minutes of launch, before collapsing over 95% in less than 24 hours. Current market caps stand under $104,000, representing a 99% drop since its peak. Welch's team maintains the token was legally compliant, backed by a Cayman foundation, and featuring a three-year vesting schedule for her tokens.
Despite early estimates of investor losses up to $1.2 million, Welch suggests actual losses are closer to $180,000, noting many of the more than 10,000 token holders have yet to realize losses by holding onto their tokens. Nevertheless, the incident tarnishes reputations around influencer-backed cryptocurrencies, raising concerns about risks associated with speculative memecoin projects promoted by social media figures.
The backlash and commentary from the community highlight skepticism towards Welch’s initial endorsement given her admitted lack of understanding of the project. Meanwhile, Welch continues to engage with the public and is involved in an upcoming documentary that will cover related legal and industry challenges. This episode underscores the need for enhanced investor education and potential regulatory measures to prevent similar speculative schemes in the future.