Hailey Welch, the internet sensation behind the viral “Hawk Tuah” meme, is at the center of a storm following the collapse of her new cryptocurrency, $HAWK. The coin, launched on the Solana blockchain, soared to a staggering $500 million valuation moments after its debut. However, the excitement was short-lived, as its value plunged to less than $60 million within minutes.
Critics quickly accused Welch of orchestrating a scam, sparking legal action. Burwick Law, a prominent firm, announced its involvement, representing investors who suffered losses. “We are representing clients in matters related to $HAWK,” the firm posted on X (formerly Twitter). “If you’ve experienced losses and would like to explore your options, learn more.”
The internet erupted with backlash, with many labeling the coin a hoax. Some users demanded Welch face accountability for the financial losses incurred by her fans. “Justice for Hawk Tuah scammed. She deserves some jail time to set an example for other influencers,” one user commented.
Welch and her team addressed the controversy, firmly denying any malicious intent. Her manager claimed the project aimed to tokenize Welch’s fan base without breaking securities laws. Welch herself defended the initiative, stating on X, “The team hasn’t sold one token, and not one influencer was given a free token. We tried to stop snipers with high fees at launch.”
Despite the defense, skepticism remains rampant online. Many accused Welch’s development team of exploiting her fame while leaving her to bear the fallout. “Frankly, I don’t think she knew what was going on. Her dev team took advantage, and now she’s taking the heat,” one commenter speculated.
Others criticized the trend of celebrities using their platforms to launch risky ventures. “Why do influencers gain trust from their loyal fan base only to betray them for financial gain?” one user questioned. Another added, “She should talk to a lawyer too.”
Amid the backlash, Welch’s supporters highlighted the possibility of her being unaware of the deeper technical aspects of the project. However, the sentiment remains mixed, with a growing demand for clearer regulations in the cryptocurrency space to prevent similar incidents.
The $HAWK debacle has reignited debates about celebrity involvement in speculative ventures. It also raises questions about the responsibility influencers hold when leveraging their fan base for financial projects.
As the legal battles unfold, Welch’s reputation hangs in the balance. While some believe she deserves another chance, others argue this incident should serve as a cautionary tale for influencers venturing into uncharted territories like cryptocurrency.
The saga of $HAWK continues to spark discussions, highlighting the need for greater accountability and transparency in the crypto world. Fans and critics alike will be watching closely to see how Welch and her team navigate this crisis.
