Haliey Welch defended her HAWK coin, claiming it was ‘not just a cash grab’ when it debuted this week.
Law firms across the U.S. are urging individuals who invested in the cryptocurrency created by ‘Hawk Tuah Girl’ Haliey Welch to reach out, as some buyers reported losing their ‘life savings’ after the coin’s value took a nosedive.
Welch, who gained fame earlier this year for her memorable answer to what drives a guy wild in bed, launched her cryptocurrency, HAWK, on December 4.
In an interview with Fortune, Welch’s manager, Jonnie Forster, mentioned they were essentially ‘tokenizing Haliey’s fan base’.
After its launch on Wednesday, the HAWK coin quickly soared to a market cap of nearly $500 million, as reported by Forbes. However, just 20 minutes later, its value crashed dramatically, dropping from around $490 million to a mere $41 million.
This sudden decline sparked outrage among Welch’s supporters, with one fan expressing their frustration: “I’m a huge fan of Hawk Tuah, but you took my life savings. I bought your coin $Hawk, which you were so excited about, using my life savings and my kids’ college fund.”
Despite the chaos, Welch stood firm on the launch, sharing a post on Twitter that stated: “Hawkanomics: The team hasn’t sold a single token, and not one KOL received a free token. We did our best to prevent snipers with high fees at the start of the launch on @MeteoraAG. Fees have now been reduced.”
Investors are really upset about what many are calling a ‘rug pull,’ where crypto creators dump their holdings and cause prices to plummet.
Because of this, a law firm in the US is urging investors to reach out and find out if they have a case for a lawsuit.
Burwick Law, based in New York, is expressing its support for investors who have suffered losses from neglected celebrity-backed NFT projects and tokens.
“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.