Social media influencer Hailey Welch recently found herself at the center of a storm after her involvement in a cryptocurrency project that went awry. Known for her viral social media presence, Welch launched a memecoin called $HAWK, which initially soared to an impressive market value of $450 million. However, things took a drastic turn when the coin’s value plummeted by 90%, leaving investors and fans reeling from significant losses.
In response to the financial chaos, Burwick Law, a firm specializing in digital asset litigation, has taken legal action against the creators of $HAWK. Although Welch is not named as a defendant in the lawsuit, she has publicly addressed the situation on X (formerly known as Twitter). In her post, she expressed her commitment to cooperating fully with ongoing legal investigations and assured those affected that she is dedicated to helping uncover the truth and hold responsible parties accountable.
Welch’s statement reads: “I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community.” She further urged anyone who suffered losses due to this incident to reach out to Burwick Law for assistance.
https://twitter.com/HalieyWelchX/status/1870123827725840484
Despite her efforts to communicate transparency and cooperation, responses on social media have been harsh. Some users questioned Welch’s sincerity, while others demanded she reveal any collaborators involved in launching $HAWK. The backlash highlights growing frustration among those who feel misled by influencers venturing into unregulated financial markets like cryptocurrency.
Burwick Law describes itself as focused on consumer protection within digital assets and boasts prior successes in securing settlements against high-profile token projects. The firm is currently pursuing over $50 million in damages for their clients impacted by similar schemes.
https://twitter.com/Libsofbluesky/status/1870167452706902261
Name the men who put you up to this. That'll spare you the real prison time that you're going to be looking at.
— Cernovich (@Cernovich) December 20, 2024
— The Right To Bear Memes (@grandoldmemes) December 20, 2024
As discussions around this debacle continue online, it’s evident that trust between influencers promoting financial products and their audiences is fragile. This case serves as a cautionary tale about the volatile nature of cryptocurrencies and underscores the importance of thorough research before investing based on celebrity endorsements.