Haliey Welch, widely recognized as the “Hawk Tuah” girl, has publicly addressed the controversy surrounding her cryptocurrency project, $HAWK, after weeks of silence.
The statement comes in the wake of significant investor losses and mounting legal scrutiny over allegations of a “pump-and-dump” scheme.
The $HAWK memecoin, launched on December 4, 2024, garnered massive attention, achieving a market capitalization of nearly $500 million within days of its debut.
Promoted as a community-driven project with Welch as its face, the coin’s value soared, fueled by enthusiastic supporters and viral social media campaigns.
However, the excitement quickly turned to dismay as $HAWK’s value plummeted by over 90%, wiping out millions of dollars in investments.
The rapid decline has led to accusations of insider trading and a deliberate “pump-and-dump” scheme. Critics allege that key stakeholders manipulated the coin’s value to sell off large holdings at its peak, leaving retail investors to shoulder the losses.
Several affected individuals have already initiated legal proceedings, claiming they were misled by Welch’s endorsements and the project’s promises.
In her statement on December 20, 2024, Welch emphasized her commitment to resolving the issue and restoring trust among her followers. She revealed that she is “fully cooperating” with legal teams and investigators to uncover the truth behind the sudden collapse.
“I am devastated by what has transpired and deeply regret the impact this has had on so many people. I want to assure everyone that I am doing everything in my power to assist affected investors and hold those responsible accountable,” Welch stated.
Welch has directed affected investors to contact Burwick Law, a firm she claims is spearheading efforts to provide recourse for those impacted. Her team has denied all allegations of wrongdoing, asserting that neither Welch nor her close associates benefited from the coin’s decline.
Despite the ongoing investigation, Welch remains optimistic about resolving the matter. “This has been a learning experience, and I am committed to making things right,” she added.
The cryptocurrency community remains divided. While some supporters continue to defend Welch, attributing the coin’s collapse to market volatility and external factors, others have expressed anger and disappointment, accusing her of failing to adequately vet the project’s operations.
As the investigation unfolds, $HAWK serves as a stark reminder of the risks associated with investing in highly speculative assets. Analysts caution investors to approach memecoins and celebrity-endorsed projects with skepticism, emphasizing the importance of due diligence.
For now, Welch’s commitment to transparency and accountability will be crucial in repairing her reputation and addressing the grievances of those who believed in the $HAWK project.
The broader cryptocurrency market will also be closely monitoring the legal outcomes, which could set significant precedents for similar cases in the future.
Also Read
Qualcomm stock struggles amid investor concerns over growth targets
Are banks open today in India? A guide for international trade partners
Target Corporation issued a sobering update on Wednesday, confirming that the retailer’s efforts to regain…
Enterprise software is undergoing a transformative shift, and Snowflake is leading the charge. With the…
Bitcoin, the world’s most prominent cryptocurrency, has recently fallen to $101,000, surprising many investors as…
Those new vehicle registration rules you've been hearing about? They're not happening this month after…
Toyota has given fans a first glimpse of the next-generation Hilux, and the teaser hints…
Keeping your banking information up to date with the South African Social Security Agency (SASSA)…