Haliey Welch, also known as “Hawk Tuah Girl,” is facing backlash after distancing herself from the failed HAWK memecoin that launched last December. Despite initially promoting the token as fully compliant and fan-focused, Welch is now claiming she didn’t understand crypto and feels regret over fans trusting her.
In a recent episode of her Talk Tuah podcast, Welch revealed that she was questioned by the FBI and handed over her phone to the SEC for investigation. She stated that she was ultimately “cleared” of any wrongdoing, but admitted that she wishes she had known then what she knows now. Welch also shifted blame away from herself, portraying herself as an unwitting participant in the project.
When the HAWK token launched on Solana, it briefly reached a market cap of $491 million before plummeting below $100 million in a matter of hours. Welch’s team had emphasized the project’s legal compliance and backing by a Cayman foundation, with her tokens set to vest over three years.
Despite Welch’s claims that customer losses were only $180,000, there are still over 10,000 token holders according to Solscan. Many of these holders have not sold their tokens, meaning that the losses incurred may be much higher than Welch’s estimate.
Critics of Welch’s actions have pointed out that she endorsed a project she didn’t fully understand, leading to significant losses for investors. HAWK prices have since dropped by 99% from their peak in December, with the token now holding a market capitalization of just $104,000.
As Welch continues to distance herself from the failed memecoin, fans and investors are left questioning her involvement and the consequences of her actions. The HAWK saga serves as a cautionary tale about the risks of promoting and participating in projects without a full understanding of the implications.