Haliey Welch, who shot to overnight internet fame this summer for her quirky ‘hawk tuah’ intimacy advice on TikTok, is now under fire after her meme coin, HAWK, left investors facing devastating financial losses.
Welch, who promoted the cryptocurrency as a way to reward her dedicated fanbase, now finds herself at the centre of a growing scandal after the coin’s value collapsed spectacularly, leading to accusations of fraud and exploitation.
Millions Lost as HAWK Coin Plummets
The HAWK cryptocurrency initially surged to a staggering market capitalisation of £392 million ($500 million) but lost 95% of its value within minutes.
Blockchain data suggests the launch may have been a “pump and dump” or “rug pull” scheme, where tokens are artificially inflated before being sold off for massive profits, leaving everyday investors with nothing.
According to Bubblemaps CEO Nicolas Vaiman, the HAWK team is estimated to have pocketed £2.59 million ($3.3 million) from the botched launch.
Additionally, they reportedly earned a further £1.57 million ($2 million) in fees from transactions conducted via the Meteora exchange.
Despite Welch’s promises that 20% of the token supply would be allocated as giveaways to fans, only 3% was made available to the public—raising further suspicions of foul play.
Fans Left Devastated: ‘My Life Savings Are Gone’
Many fans who trusted Welch’s representation of the coin have shared their heart-breaking losses online.
A Reddit user, chimphead73, described how he invested nearly all his £99,973 ($127,000) S&P 500 savings—built over 15 years—into the token, only to lose it all.
“My initial investment is now worth around £2,361 ($3,000), and I’m scared. I have no idea how to explain to my wife that I lost most of our investment portfolio on Hawk Tuah coin,” he wrote, adding that he had previously earned £47,231 ($60,000) during the 2021 GameStop rally.
On social media platform X (formerly Twitter), user JIGGA.5mbK shared a similar experience. After investing £27,551 ($35,000), the value of his holdings plummeted to just £1,574 ($2,000) within ten minutes of the launch.
“I am a huge fan of Hawk Tuah, but you took my life savings,” he wrote, accusing the team of hoarding 97% of the supply and selling it immediately for profit.
The user, who claims to specialise in meme coin investments, is now pursuing legal action against the HAWK team.
Prominent X user lynk, who has over 115,000 followers, disclosed losing £33,097 ($42,000) after purchasing 1.82 million HAWK tokens.
Meanwhile, others revealed losing mortgages, tuition fees, and life savings after being lured by the coin’s promise of rewards for Welch’s loyal community.
Investors Seek Legal Recourse
Social media platforms have been inundated with outrage as victims explore ways to recover their hard-earned money.
Legal experts and crypto watchdogs have urged affected investors to file complaints through official channels.
In the United States, complaints can be lodged with the Securities and Exchange Commission (SEC) via its Tip, Complaint, and Referral (TCR) system.
Investors must provide detailed accounts of the situation, including transaction records, crypto wallet addresses, and evidence of communication.
Other avenues include the Commodity Futures Trading Commission (CFTC) complaint portal, the Federal Trade Commission’s (FTC) fraud redressal programme, and the Internet Crime Complaint Center (IC3) operated by the US government.
Experts advise investors to provide as much detail as possible—dates, times, platforms used, and any supporting documents—to ensure the strongest possible case.
