Featured Image Credit: Michael Tullberg/Getty/HalieyWelchX/Twitter
Topics: Cryptocurrency, Hawk Tuah girl, Social Media, Viral, Money
Emily Brown
Topics: Cryptocurrency, Hawk Tuah girl, Social Media, Viral, Money
Law firms in the United States are encouraging people who invested in a cryptocurrency launched by 'Hawk Tuah Girl' Haliey Welch to get in touch, after buyers claimed they'd lost their 'life savings' when its value plummeted.
Welch, who went viral earlier this year with her now-infamous response to the question of 'what makes a guy go crazy in bed?', launched her cryptocurrency named HAWK on December 4.
Speaking about the release in an interview with Fortune, Welch's manager, Jonnie Forster, said they were 'tokenizing, in a sense, Haliey’s fan base'.
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Following its launch on Wednesday, the HAWK coin quickly hit a market capitalization of nearly $500 million, according to Forbes. But within 20 minutes, the coin's value completely tanked and plummeted from as much as $490 million to just $41 million.
The sudden tank caused a flood of backlash from Welch's fans, with one person calling her out as they wrote: "I am a huge fan of Hawk Tuah but you took my life savings. I purchased your coin $Hawk that you were so excited about with my life savings and children’s college education fund as well."
Welch stood by the launch in the chaotic aftermath, sharing a copied post on Twitter which read: "Hawkanomics: Team hasn’t sold one token and not 1 KOL was given 1 free token. We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG. Fee’s [sic] have now been dropped."
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But investors are still fuming over what has been described as a 'rug pull'; a situation in which crypto creators sell off their stock, leading to prices crashing.
As a result, at least one law firm in the US is encouraging investors to get in touch to see whether they might have grounds for a lawsuit.
Burwick Law, which is located in New York, says it 'stands with investors who’ve been burned by abandoned celebrity-backed NFT projects and tokens'.
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"While everyday people take losses, celebrities walk away richer. We’re here to help bring accountability to a space that desperately needs it," the firm said in a post on Twitter.
It addressed investors of Welch's coin in another post, writing: "If you lost money on $HAWK, contact our firm to learn about your legal rights. Our firm represents thousands of nft and token investors in securities matters."
When Welch launched her coin, she told Fortune it was 'not just a cash grab', and that she was genuinely interested in using crypto as a way to connect with her fans.
UNILAD has contacted Welch and Burwick Law for comment.