Viral TikTok Star's Crypto Launch Ends in Collapse and Allegations of Fraud

Haliey Welch's Hawk Tuah memecoin plummeted 95% in value, leaving retail investors with losses and raising questions about insider profiteering.

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.