Hailey Welch, the viral star known for the “Hawk Tuah” meme, is under scrutiny following the collapse of her cryptocurrency project, Hawkcoin. Launched on December 4, the Solana-based memecoin initially soared to a $490 million market valuation but quickly plummeted to $26.4 million after a massive sell-off. Welch is now facing allegations that the project was a “pump-and-dump” scheme, with insider wallets reportedly controlling up to 90% of the token’s supply.
In a statement, Welch denied wrongdoing and expressed commitment to cooperating with lawyers and supporting affected investors. She emphasized that her legal team is working to uncover the truth and hold responsible parties accountable. Welch also directed impacted investors to Burwick Law, which is investigating claims related to the coin.
Reports from platforms like Coin Telegraph suggest that significant amounts of Hawkcoin were acquired by “snipers” at launch and sold for profit shortly after, with one wallet alone making a $1.3 million gain. Welch previously defended the project on social media, asserting that her team did not sell any tokens and had implemented measures to curb sniping activities.
The controversy has halted Welch’s podcast updates and social media presence, leaving her facing intense backlash. While Welch claims Hawkcoin was not a “cash grab,” the fallout has cast a shadow over her transition from meme fame to entrepreneurship, highlighting the risks and challenges of influencer-led crypto ventures.
