Haliey Welch, the 22-year-old who became famous this summer for his viral TikTok video “hawk tuah”, is being criticized for what many consider to be a disastrous launch of his cryptocurrency.
In Welch’s latest career move since reaching celebrity status, she attempted to launch her own “coin,” a form of cryptocurrency created as a form of entertainment. But shortly after she and a team of advisors launched $HAWK on blockchain platform Solana on Wednesday evening, its value plummeted almost immediately.
Now, some are suggesting that Welch may have clashed with the Securities and Exchange Commission, an independent watchdog agency that regulates financial markets, including cryptocurrencies.
According to a Rolling Stone reportSome investors in the currency have already filed complaints with the SEC, alleging that what happened could have been what is known as a “rug pull” – when developers exaggerate a crypto project to inflate the value , only to benefit from it first. tanks and they go away.
Meanwhile, Welch and his team taken to social media to dispel the notion that the meme coin was a scam.
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Who is Haliey Welch aka the “Hawk Tuah Girl”?
Welch’s fame came primarily over the summer when, while in Nashville for the CMA Festival, a YouTuber recorded and posted a clip of her making a sex joke.
Since then, Welch has embarked on a new celebrity career, social media influencer and trader.
She assembled a team consisting of a lawyer, a management company and a public relations firm, and created a company, 16 minutes. She started a podcast, Speak Tuahand appeared on stage with country music star Zach Bryan at his concert in Nashville and I spent time with Shaquille O’Neal.
Daughter ‘Hawk Tuah’:Haliey Welch learns firsthand what it means to go viral
Welch accused of insider trading after crypto launch
But his latest venture, his own cryptocurrency, lands Welch in hot water.
The Hawk Tuah crypto is a so-called coin, which, like the Dogecoin associated with Elon Musk, refers to popular memes on social media.
Welch’s coin quickly reached a market cap of nearly $500 million before immediately falling 95% to $25 million on Thursday afternoon, resulting in big losses for certain traders, according to Forbeswho quotes DexScreener data.
CoinTelegraph, which covers crypto industry news, reported about 80-90% of Hawk Tuah’s supply was controlled by entities known as snipers who buy most of the supply, resell it for a huge profit and reduce its value.
The launch turned into a debacle, sparking backlash on social media.
Some investors on social media site file complaints with the SEC, while Burwick Law, a firm specializing in cryptocurrencies, announced its services to those who lost money with the same coin.
In an audio event on X SpacesStephen Findeisen, a popular crypto YouTuber known as Coffeezilla, told Welch and his team that the rollout was “one of the most miserable, horrible launches I’ve ever seen.” He even accused them of insider trading, which they denied.
Welch said in a post on his team hadn’t sold any chips and they “tried to stop the snipers as best we could.”
USA TODAY attempted to reach Welch’s representatives Friday morning.
Contribute : Melonee injuredNashville Tennessee
Eric Lagatta covers the latest news and trends for USA TODAY. Contact him at elagatta@gannett.com