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Hawk Tuah the Moon or Prison: Haliey Welch Might Be in Big Trouble
- Hailey Welch, the woman who famously answered a 'wild move in bed' question during an on-the-street interview in Nashville, became a celebrity overnight and monetized her newfound fame by selling branded merchandise and launching a podcast.
- Welch later launched a memecoin called $Hawk on Solana on December 4 in an attempt to tap into the craze for cryptocurrency and celebrity tokens. Unfortunately, $Hawk crashed soon after, causing a lot of small-time investors who placed their hopes of buying a Lamborghini on profits from the coin to lose their money.
- The $Hawk token offered a mere 2% allocation to the public sale, with a sniper getting and selling most of it. The team had further unlocked an additional 17% allocated for presale, and people who received these tokens dumped them the moment they were issued. The team made millions for themselves with fee sets.
- In the aftermath of $Hawk's fall, many accused the team behind the project of outright fraud. Welc tried to defend herself but said she was not familiar with the crypto space.
- A member of the team behind the project labeled people who invest in cryptocurrency as 'mentally ill' and said that $Hawk was not a celebrity token but a meme - although the token seems to have capitalized on Welch's fame.
- Coffeezilla tried to ask questions but was spoken over. He later left the interview to open his own space which he called 'Straight Tuah Jail.'
- The responses from the team behind $Hawk only served to stoke the flames of speculation about wrongdoing, but there is little that those who lost money can do now.
- As with so many of these types of meme-related investments, a small percentage of people who invested made a significant amount of money, while many lost out.
- Unfortunately, many celebrities try to spin off their clout into cryptocurrency projects that are risky and, in many cases, amount to fraud. So far, the Securities and Exchange Commission (SEC) has not taken much action against these cryptocurrencies.
- It will be interesting to see which celebrity foray into cryptocurrency or meme coins will end up in a class-action lawsuit first.
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