Andy Warhol once said, “In the future, everybody will be famous for a few months, and in that time they will be accused of insider trading when their memecoin flops.” Or something like that. Hawk Tuah girl, real name Hailey Welch, is embroiled in crypto controversy, and, against our better judgment, we are paying full attention. Below, find all the deets so far in the most groan-inducing crypto saga of 2024, from the initial controversy to the lawsuit to Welch’s recent statement.
What is Hawk Coin?
The first thing you need to know is that, on December 4, Welch launched a meme currency, $HAWK, via the Solana blockchain, per the Independent. After launch, the coin rode Welch’s public profile to sky-high heights, surging to 900 percent of its original value and reaching a market cap of $490 million, per Crypto Times. Within hours, it crashed 91 percent. The rise and fall of a southern princess’s memecoin was attributed to insider wallets and snipers who allegedly controlled 80 to 90 percent of the coin at launch. These groups buy a bunch of a coin, wait for it to reach peak publicity (perhaps after being endorsed by a viral personality), then sell immediately.
What’s the controversy?
Snipers guarantee losses for the public, who accused Welch of giving some buyers early access to $HAWK. Welch denied that any insiders were given early access to her coin. “Team hasn’t sold one token and not 1 KOL was given 1 free token,” she posted on X (acknowledging that she was copying and pasting the statement). “We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG.” Many online disputed this statement with one screengrab shared on X by @beaniemaxie showing insiders selling. Another user, “high lev pro trader” @imperooterxbt, claimed to report Welch to the SEC. Maybe, in the future, Team Tuah should stick to talking.
Is Hawk Tuah getting sued?
Well … sorta kinda. Investors in the coin are suing Tuah the Moon Foundation, which earned money from $HAWK; overHere Ltd founder Clinton So and his company, which launched the memecoin; as well as influencer and $HAWK promotor Alex Larson Schultz, per Bloomberg. The investors are claiming that the sellers and promotors avoided registering the coin with the SEC, despite marketing to U.S. buyers. Notably, Welch herself is not named in the lawsuit. So, yes, Tuah the Moon is being sued. But, no, Haliey Welch is not.
Has the Hawk Tuah Girl said anything?
After this all went down, Welch was basically radio silent for over two weeks — no posting online, no Talk Tuah, no nothing. Then, on December 20, Welch broke her silence by tweeting something that we would venture a guess that, based on the tone, she didn’t write. “I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community,” she posted on X. “I am fully cooperating with and am committed to assisting the legal team representing the individuals impacted, as well as to help uncover the truth, hold the responsible parties accountable, and resolve this matter.” She then shared a link and wrote, “If you have experienced losses related to this, please contact Burwick Law using the link below.” Burwick Law is confirmed, by Bloomberg, as one of the firms representing the investors. Given the fact that Welch is fully collaborating with Burwick, and is also not named in the suit despite another influencer who promoted the coin being named, it seems possible that there is a deal in place. So don’t cry for Hawk Tuah yet — she’ll probably land on her feet and return to her true passion: spitting on that thang.