Hailey Welch, popular for her viral catchphrase, shared details about the FBI investigation she faced after the launch of the Hawk Tuah memecoin.
FBI Investigation
In a May 21 episode of her 'Talk Tuah' podcast, Hailey Welch described how FBI agents came to her grandmother's house seeking to question her about the token. This came after many in the crypto community labeled the project as an 'exit scam'.
Overview of the Hawk Tuah Memecoin
The HAWK memecoin launched in early December but quickly lost 90% of its value. According to blockchain analytics firm Bubblemaps, there were manipulations involving insider wallets that led to the token’s value plummeting. Welch admitted to having limited knowledge of crypto before the project.
Hailey Welch's Challenges Post-Token Launch
Welch stated that she trusted the wrong individuals managing the launch and that her social media account was controlled by a third party. She claimed to have only received a marketing fee, with all funds spent on legal and PR expenses. Her lawyer confirmed that the SEC concluded its investigation with no findings or sanctions.
The FBI and SEC investigations highlight the risks associated with investments in cryptocurrencies and memecoins. Hailey Welch's situation exemplifies the complexities faced by participants in the crypto market.
