The HAWK memecoin scandal: Hailey Welch apologizes after federal investigation

Hailey Welch, the internet creator known by the nickname “Hawk Tuah Girl,” claims to have received the green light from US authorities following her involvement in the failure of the memecoin HAWK launched in late 2024. According to her statements during a recent episode of her Talk Tuah podcast, the influencer was reportedly questioned by the FBI and submitted her personal data to the Securities and Exchange Commission (SEC), before ultimately being cleared of any guilt.

However, this version sharply contrasts with her initial enthusiasm at the project’s launch in November 2024, when she declared herself “proud to be part of meme culture” and said she had learned a lot from collaborating with the project teams.

Hailey Welch rewrites her story on responsibilities

During her podcast, Hailey Welch stated that the investigators “searched [her] phone” and “exonerated” her. She also added, “I wish we had understood back then what we know today.” This stance clearly aims to minimize her involvement in a highly risky project.

Furthermore, Welch presented herself more as an involuntary victim of the situation, claiming she did not understand the mechanisms of cryptocurrencies at the time of launch. She expressed regrets about the trust her fans had placed in her. These comments stand in stark contrast to her initial commitment to the project and her active promotion within her community.

The intervention of federal authorities

The involvement of the FBI and SEC highlights the seriousness of the risks associated with unregulated memecoin projects. The fact that Hailey Welch was not charged does not negate the reality of the harm suffered by investors. These investigations reflect a growing willingness of authorities to monitor influential actors promoting digital assets to the general public, especially when these assets collapse rapidly.

HAWK: a catastrophic trajectory in numbers

The HAWK token, launched on the Solana blockchain in December 2024, experienced a sharp rise followed by a dizzying fall. The project briefly reached a market capitalization of $491 million before collapsing within hours to fall below $100 million. At the time of the initial coverage in January 2025, the value had already plummeted by 99%, reaching a trivial market cap of around $1 million.

The project team had presented HAWK as a fully compliant token, supported by an entity based in the Cayman Islands, with a distribution program spanning three years.

The debate over the true losses of investors

Hailey Welch questioned the initially reported figures regarding user losses. According to her, while losses were first estimated at $1.2 million, the actual amount would be much more modest, around $180,000. However, data from Solscan (the Solana block explorer) shows that over 10,000 token holders still possess their HAWK tokens without ever liquidating them.

This distinction raises an important question: many investors have not “realized” their losses because they still hold their depreciated tokens. The losses Welch refers to therefore only concern those who sold, excluding those still waiting for a hypothetical project recovery.

A community of fans questioning the justifications

Listeners of the Talk Tuah podcast expressed skepticism about Hailey Welch’s explanations. Comments reveal palpable frustration: “She admits she knew nothing, but still decided to support and promote it?” reads one reaction. Another listener pointed out: “You should never have associated yourself with something you didn’t understand.”

These criticisms reflect a broader unease within the cryptocurrency community regarding the influence of public figures on digital asset projects, especially when these turn out to be disastrous for retail investors.

Lessons from the HAWK fiasco for the ecosystem

The HAWK case highlights the inherent dangers of memecoins and projects hastily launched by content creators without proper expertise. Hailey Welch’s case illustrates how the enthusiasm of a public figure can attract masses of naive investors into highly speculative and risky investment vehicles. Although the FBI and SEC investigation concluded without charges against Welch, it doesn’t change the reality: ordinary investors remain the true losers of this debacle.