Topline
Haliey Welch, the internet creator best known for her viral “hawk tuah” meme, addressed her controversial failed cryptocurrency coin launch for the first time on an episode of her “Talk Tuah” podcast Tuesday, stating the FBI and SEC both approached her to investigate after the value of her coin inflated and immediately crashed, though she denied wrongdoing.
Haliey Welch launched a cryptocurrency coin in December, which immediately crashed in value. (Photo … More
Key Facts
Welch denied responsibility in the sudden crash of her Hawk Tuah coin and denied she intended to scam her followers, stating she “trusted the wrong people.”
Though she did not name names on the advice of her lawyers, Welch said she launched the coin because she was approached by an unnamed cryptocurrency company, which offered her a deal to launch her own coin, though Welch admitted she knew little about cryptocurrency at the time.
Welch said her profile on X was managed by the cryptocurrency company, which gave her lines to say, which she would take videos of herself reading.
Once the Hawk Tuah coin crashed in December after reaching a high of $500 million in market capitalization value, Welch said the FBI knocked on the door of her grandmother’s house, asked Welch questions and investigated her phone, after which Welch said the investigation was picked up by the Securities and Exchange Commission, which she says also examined her phone.
Welch said the agencies cleared her of wrongdoing, and she said she was not named in any lawsuits in the aftermath of the coin crash.
Welch said she did not profit off of her Hawk Tuah coin, stating the only money she made was a marketing fee from the company she partnered with, though that money was used for lawyers and crisis public relations management after the value of the coin crashed.
What Went Wrong With Haliey Welch’s Hawk Tuah Coin?
Welch announced the launch of her Hawk Tuah coin ($HAWK) in December, which was widely viewed as a “memecoin,” a cryptocurrency that is created for entertainment purposes and is inspired by an internet trend. Memecoins are typically considered more volatile and are risky investments because they depend on short-lived internet memes. Within one day of the coin’s launch, $HAWK plummeted from a $500 million value to $25 million, leading to accusations—which Welch has denied—that the coin was launched as a “pump and dump” scheme, in which the value of a crypto asset is quickly inflated and then sold off. Some crypto influencers slammed Welch over the launch, including Coffeezilla, a crypto YouTuber with more than 4 million followers, who said in an X space conversation with Welch and her team that the Hawk Tuah rollout was “one of the most miserable, horrible launches I’ve ever seen.” He accused Welch and her team of insider trading, which they denied.
Key Background
Welch rose to fame last summer as the creator of a viral catchphrase: “Hawk Tuah,” a euphemism for oral sex. Welch used the phrase in response to a man-on-the-street TikTok interviewer, who asked her what “move in bed makes a man go crazy.” The TikTok went viral, and Welch was quick to capitalize on its success. She launched a merchandise line inspired by the phrase and curated a popular social media presence, in which she fraternized with celebrities. She made high-profile public appearances, throwing out the first pitch at a New York Mets game in August and was parodied on Saturday Night Live. She launched her “Talk Tuah” podcast in September, attracting guests including billionaire Mark Cuban, Wiz Khalifa and JoJo Siwa. The podcast was a surprise success, and in February, market research firm Edison Research said “Talk Tuah” was the No. 1 new podcast of 2024 measured by weekly audience numbers. Welch’s podcast went on a months-long hiatus following her crypto chaos, during which time she did not post on social media.
Further Reading
‘Hawk Tuah’ Creator Haliey Welch Criticized For Memecoin Launch After Price Crashes (Forbes)
