Haliey Welch, known online as the “Hawk Tuah Girl,” is facing intense backlash and potential legal action after the cryptocurrency she launched, $HAWK, reportedly crashed shortly after its release, wiping out millions of dollars in value. The coin’s value plummeted from a market capitalization of $490 million to $41 million within 20 minutes of its launch. Some investors have claimed they lost their life savings, leading law firms like Burwick Law to encourage affected individuals to come forward.
The controversy intensified after reports suggested that insider wallets and “crypto snipers” controlled up to 90% of the initial supply. Data revealed that one wallet acquired 17.5% of the token supply moments after launch, selling it within 90 minutes for a profit of $1.3 million. Welch has denied allegations of misconduct, stating her team did not sell any tokens and blaming the crash on external traders.
Frustrated fans took to social media, accusing Welch of orchestrating a “rug pull,” a tactic where creators profit by selling off their holdings after artificially inflating a token’s value. Some have called for Welch to face criminal consequences, alleging she misled her audience, many of whom invested large sums based on her endorsement.
Burwick Law has highlighted the risks associated with celebrity-backed cryptocurrency projects, stating that while fans suffer financial losses, influencers often profit unscathed. The firm has vowed to seek accountability in what they describe as a space in desperate need of regulation.
