Haliey Welch, the 22-year-old who skyrocketed to fame with a viral TikTok moment known as the “hawk tuah” girl, has now found herself at the center of a financial storm after launching her own cryptocurrency. Welch, once a social media sensation with a knack for generating attention, sought to diversify her fame-driven career by launching $HAWK on Solana’s blockchain platform. Instead of joining the ranks of successful meme coins like Dogecoin, $HAWK saw an almost instant devaluation, with its worth crashing drastically right after its launch.
Critics and investors are now speculating that Welch may have crossed paths with the Securities and Exchange Commission (SEC). Allegations surfaced suggesting that Welch’s launch could resemble a “rug pull” scheme—a tactic where developers artificially inflate the value of a crypto project only to sell off assets at a peak and leave investors with substantial losses. Rolling Stone reported that disgruntled investors have already approached the SEC, claiming their losses might stem from such deceptive practices. The crypto community is buzzing with discussions about these allegations, questioning whether Welch’s intentions were as transparent as she claimed.
While Welch is facing scrutiny, she remains vocal on social media, defending herself against accusations of fraud and poor planning. She and her team have strongly denied any wrongdoing, maintaining that they tried to prevent “snipers” – entities that hoard and manipulate large quantities of cryptocurrency supply for quick profits – from seizing most of the $HAWK assets. Despite the tumultuous launch, Welch’s social media presence remains influential. She has successfully transitioned from a TikTok joke star into an influencer, social media marketer, and entrepreneur, partnering with a PR firm, starting a podcast called Talk Tuah.
The $HAWK debacle serves as a cautionary tale about the volatile nature of meme coins and the risks investors face in the cryptocurrency market. Welch’s venture highlights the challenges of marrying social media fame with financial ventures, where hype often fuels short-term gains but can also result in significant losses. As regulators like the SEC continue to focus more on crypto oversight, Welch’s launch will likely prompt further investigations into meme coins, highlighting the need for transparency and investor protection in the fast-paced world of digital currency investments. Whether Welch’s reputation will recover remains to be seen, but her journey underscores the precarious intersection of social media stardom, cryptocurrency hype, and financial accountability.
(Source: CoinTelegraph | NBC News | News Nation | Rolling Stone)
