Internet sensation Haliey Welch, 22, has been criticized for her viral “hawk tuah” TikTok video after her cryptocurrency launch failed miserably. Her meme coin, $HAWK, was launched on the Solana blockchain Wednesday but lost almost all its value in the following hours.
The hype saw the market capitalization of $HAWK’s rocket by nearly $500 million, only to crash by 95% to just $25 million. In their bid to condemn Welch and her team, critics argue that they failed to properly plan. Some investors have, to date, lodged complaints at the Securities and Exchange Commission (SEC), calling it a “rug pull,” a scheme in which an individual or group would hype a crypto project to increase its value before leaving.
Hailey Welch rose to fame through TikTok, claims launching cryptocurrency
Welch rose to fame this summer as a social media personality, using her humor, but she was involved in a controversial incident regarding cryptocurrency. Welch on X (formerly Twitter) denied the claims of her team selling any tokens and working against the snipers who have manipulated the value of the coin. However, many remain unconvinced, and lawyers and influencers alike have continued questioning her actions.
Crypto YouTuber Coffeezilla, a prominent figure in exposing questionable crypto projects, called $HAWK’s rollout “one of the most miserable launches I’ve ever seen.” He also accused Welch of insider trading, an allegation she and her team refuted.
The fallout has sparked a wave of social media backlash, with investors expressing frustration over their financial losses. Burwick Law, a firm specializing in cryptocurrency, has begun advertising its services to those impacted.
So far, Welch’s representatives haven’t made a statement about this controversy, but it is a significant stumble for her post-viral career. Known for her podcast Talk Tuah and celebrity appearances with the likes of Shaquille O’Neal, Welch’s foray into the volatile world of cryptocurrency has proven more difficult than she anticipated.
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