Overview

• Haliey Welch, a viral TikTok personality, launched the Hawk Tuah cryptocurrency last week, which briefly reached a $500 million market cap before crashing by over 95%.
• Blockchain analytics revealed that 96% of the coin's supply was concentrated among insiders, with many selling early for a $3 million profit, sparking accusations of a 'rug pull.'
• Welch's team promoted the memecoin as a fan reward, but only 3% of the supply was made available to the public at launch, contradicting earlier claims about token distribution.
• Legal experts suggest Welch could face lawsuits or investigations over the coin's collapse, though it remains unclear if she was directly involved in the alleged scheme.
• Welch's social media accounts have gone silent since the fallout, raising concerns about her reputation and potential future legal and financial challenges.