Summary: Hailey Welch who’s widely and by widely I mean worldwide known as “Hwak Tuah Girl” has finally spoken after the $HAWK token scandal left investors fuming. The token, hyped up by Welch’s massive fanbase, crashed hard minutes after launch, sparking a class-action lawsuit. Investors accuse the project’s team of pulling a classic “rug pull,” leaving them with empty wallets and shattered trust. Welch, though not officially named in the lawsuit, took to Twitter to clear the air and address her fans.
What Went Down?
$HAWK launched on December 4 with a bang, skyrocketing to a $490 million market cap, thanks to the buzz from Welch’s loyal followers. But the hype didn’t last just 20 minutes in, the token tanked to $41 million. Holders claim the creators dumped a huge chunk of the coin, sending its value into a free fall.
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The lawsuit targets the Tuah The Moon Foundation, OverHere Ltd., and Alex Larson Schultz, one of the token’s big promoters. It alleges that $HAWK was sold as an unregistered security and claims the team used Welch’s clout to bait investors into a financial trap.
Welch’s Side of the Story
Addressing the controversy, Welch tweeted: “This is serious, and I want to say sorry to anyone affected. I’m working with legal teams to figure this out and make things right.” She also told investors to hit up the law firms handling the case for help.
The Bigger Picture
The $HAWK presale raised $2.8 million, but when the token went live, things spiraled fast. Welch’s spokesperson said she had zero control over the project, adding, “She just got a sponsorship fee and wasn’t involved in running the coin.”
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This whole mess is a wake-up call for anyone jumping into celeb-backed crypto projects. It’s a reminder that just because your fave is hyping it doesn’t mean it’s a solid bet.
