Hawk Tuah Crypto Update: US SEC Closes Investigation, Finds No Evidence Against Haliey Welch

Hawk Tuah girl Haliey Welch shot to internet fame in early 2024 after a TikTok video about her relationship advice went viral. She utilised her newfound popularity to launch her own merchandise, start a podcast, roll out an AI dating app, and announce the HAWK cryptocurrency.

However, her crypto token, which she pitched as a community reward for her fan base, landed her in legal trouble. The coin’s value nosedived shortly after its launch, leading to massive losses for investors. As reports emerged that insiders manipulated 90% of the token supply, many of Welch’s fans alleged they lost their entire life savings.

According to court records, investors who collectively lost £116,695 ($151,000) in the HAWK meme coin filed a lawsuit in the first US District Court in New York against the crypto team and its business partners.

The US SEC Closes Crypto Investigation

According to Bubblemaps CEO Nicolas Vaiman, the HAWK team orchestrated a ‘one-day pump and dump’ to take £2.55 million ($3.3 million) in profits. Furthermore, 17% of the token supply was allocated to 285 early investors, most of whom offloaded their holdings immediately after the token’s launch. The HAWK team also reportedly earned nearly £1.54 million ($2 million) in fees from the exchange.

The complaints, alleging that the HAWK coin wasn’t registered with the US Securities and Exchange Commission (SEC), prompted the federal agency to launch an investigation but concluded that Welch wasn’t involved in any foul play.

‘The SEC closed the investigation without making any findings against, or seeking any monetary sanctions from, Haliey,’ said James Sallah, Welch’s attorney. ‘Because they did not bring any action against her, there are no restrictions on what she can do in regards to crypto or securities in the future.’

According to sources, Welch is looking to leave this episode behind her and is likely planning a documentary. They added that the 22-year-old won’t venture into the cryptocurrency or meme coin projects anymore.

Welch Emerges After a Long Absence

Welch was nowhere to be seen after her last post on X, formerly Twitter, in December.

‘I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community,’ she wrote. ‘I am fully cooperating with and am committed to assisting the legal team representing the individuals impacted, as well as to help uncover the truth, hold the responsible parties accountable, and resolve this matter.’

However, her prolonged absence led to many speculations, some even asking if she was still alive. Welch finally broke her silence in an Instagram post on 25th March, which was welcomed by many of her fans.

In the clip, a voiceover can be heard saying ‘The Hawk Tuah Girl has died’ before Welch’ wakes up’ from her dream. A fan said this clip ‘might be the most important day in online history,’ while another user said this was the ‘return of the queen.’

One Instagram user noted that while this wasn’t the comeback fans wanted, it was the ‘comeback we needed.’ Another person commented,’ Good news! I’m glad you’re back. You’re entertaining, uplifting, and just plain ol’ fun to watch! I’m happy that we get to see your journey continue.’