Haliey Welch, known as the Hawk Tuah girl, unexpectedly rose to fame and quickly became embroiled in controversy after her fans claimed they lost their life savings due to her promotion of a meme coin.
In 2024, Welch became a major talking point after she went viral for a provocative response during a street interview. This incident paved the way for her to build a significant online presence, amassing followers across various social media platforms.
Her newfound popularity led to the creation of a podcast produced by Jake Paul’s Betr media company and even resulted in her launching a clothing line.
Welch ventured into cryptocurrency by introducing her $Hawk memecoin. She did this after acknowledging the existence of fake coins attempting to capitalize on her fame.
According to Crypto Times, the cryptocurrency, which reportedly lacked registration with The U.S. Securities and Exchange Commission (SEC), achieved a market cap of $490 million shortly after its release.
However, it drastically plummeted within hours, as Bloomberg Law reported that the coin lost over 90 percent of its value. This led to discontent among her fans, who voiced their frustrations on her platforms, with some stating they had lost substantial amounts of money or even their entire savings. Feeling deceived, some fans pursued legal action against those behind the coin.
The U.S. Securities and Exchange Commission also initiated an investigation after the value of Haliey’s meme coin ‘$HAWK token’ swiftly collapsed following its initial surge.
Welch’s legal team has announced that she will not face any charges from this investigation.
James Sallah, her attorney, stated, “The SEC closed the investigation without making any findings against, or seeking any monetary sanctions from, Haliey.”
“Because they did not bring any action against her, there are no restrictions on what she can do in regards to crypto or securities in the future.”
As reported by TMZ, sources close to Welch indicated she is relieved to have the matter resolved and may be working on a documentary.
The source also suggested that Welch is unlikely to re-enter the cryptocurrency or meme coin market.
Earlier this week (March 25), Welch released a video hinting at her hiatus from social media following the controversy surrounding her meme coin.
Fans celebrated her comeback, dubbing it ‘the return of the Queen’.