Hawk Tuah crypto scandal: what happened with the $HAWK token, the lawsuits, and the SEC inquiry (2024–2025)

How $HAWK was created and who promoted it

According to a filing in EDNY (1:24-cv-08650), the $HAWK token was being marketed as early as the beginning of November 2024. The complaint cites posts on X/Twitter (e.g., “Tuah to the Moon”) and promotional materials from overHere Ltd. that capitalized on Haliey Welch’s popularity. The official launch on Solana took place on December 4, 2024, at 22:00 UTC.

If you’re wondering what HAWK TUAH is, read our article:

Hawk Tuah: what it means, where the viral trend started, and who Haliey Welch is (2025 guide)

A rapid rise and fall in the first 24 hours

After the token launched, multiple reports said its market cap climbed as high as ≈ $490M (≈ €450M) and then plunged sharply by 90–95%. The trajectory was covered by crypto-focused outlets as well as post-mortem recaps published after the inquiry concluded.

What the plaintiffs allege

The investor lawsuit (Dec. 19, 2024) alleges the illegal offering and sale of unregistered securities, misleading marketing, and coordinated promotion. The complaint names Tuah The Moon Foundation, overHere Ltd., and individuals associated with the project; it seeks refunds and damages. The legal filing also lays out a timeline, internal communications, and marketing claims.

Who the media said was responsible

Coverage after the lawsuit described an “opaque group” behind the token and emphasized that Welch was not among the defendants; however, outlets noted that she actively promoted the token and that her influence amplified “expectations of profit.” (Note: The NY Post is a tabloid; we cite it as secondary context alongside the primary complaint and more reputable sources.)

Haliey Welch’s position and the outcome of the inquiry

Shortly after the lawsuit was filed, Welch said she was taking the situation seriously and cooperating with the investors’ attorneys. In March 2025, via TMZ (and later Decrypt, People), she announced that the SEC had closed its inquiry without any findings and without penalties, meaning no future restrictions were imposed on her. She then announced a relaunch of the Talk Tuah podcast, now without the previous partner.

The role of investigative creators and critics

YouTube investigator Coffeezilla and other creators analyzed the crash and the timing of sales; they also criticized misinformation that spread in the first days after the пад. The topic of memecoins and rapid “pump-and-dump” cycles has since appeared in broader debates about platforms that enable near-instant token launches.

Timeline of key events

• November 5, 2024 – marketing posts and slogans (“Tuah to the Moon”) ahead of the token launch.
• December 4, 2024 – launch of $HAWK on Solana (22:00 UTC).
• December 5–6, 2024 – a sharp price crash; waves of accusations across social media and in the press.
• December 19, 2024 – investor lawsuit filed in federal court in EDNY.
• December 20, 2024 – Welch statements about cooperating with attorneys and those affected.
• March 28, 2025 – SEC closes its inquiry with no findings and no penalties against Welch.
• April 2025 – Welch returns to the media and relaunches Talk Tuah (no longer with Betr).

Why it matters even to people who “aren’t into crypto”

• The celebrity effect: pairing a viral face with a token creates the impression of “guaranteed gains,” which pulls in newcomers—while also increasing regulatory risk.
• Memecoin speed: the market moves in minutes; for retail, it’s a highly speculative segment with no liquidity guarantees. (Context: the debate around platforms like pump.fun.)

Watch the videos

• Coffeezilla on $HAWK and memecoins – a popular investigation breaking down how the mechanics work.
  https://www.youtube.com/watch?v=zUHq8AWR1Rg
• TMZ/People: Welch comments after the inquiry closed – summaries and interviews.
  https://www.tmz.com/2025/03/27/haliey-welch-hawk-tuah-girl-meme-coin-investigation-over-sec-no-charges/
  https://people.com/haliey-welch-breaks-silence-on-cryptocurrency-scandal-exclusive-11738158

Summary

• $HAWK was a memecoin launched on Solana on December 4, 2024; after a rocket start, it fell by ~90% within hours.
• The investor lawsuit filed on December 19, 2024 brought a federal case in New York against multiple entities tied to the project; Haliey Welch (Hawk Tuah) was not named as a defendant.
• In March 2025, the SEC closed its inquiry with no findings and no penalties against Welch; she said she was cooperating with counsel for those affected.

Sources

1. Complaint, EDNY 1:24-cv-08650 – class action re: $HAWK – https://www.lawoftheledger.com/wp-content/uploads/sites/15/2024/12/Hawk-Thua-Token-Complaint.pdf
2. Newsweek – “Investors sue creators of Hawk Tuah meme coin…” – https://www.newsweek.com/hailey-welch-hawk-tuah-memecoin-investors-lawsuit-new-york-cryptocurrency-2003346
3. Wolf Popper LLP – “Hawk memecoin” (case summary) – https://www.wolfpopper.com/cases-investigations/hawk-memecoin
4. TMZ – “SEC probe over; no charges” – https://www.tmz.com/2025/03/27/haliey-welch-hawk-tuah-girl-meme-coin-investigation-over-sec-no-charges/
5. Decrypt – “SEC dropping probe into $HAWK” – https://decrypt.co/312190/hawk-tuah-girl-sec-dropping-probe-into-meme-coin-tmz
6. People – “Breaks her silence…” (exclusive interview) – https://people.com/haliey-welch-breaks-silence-on-cryptocurrency-scandal-exclusive-11738158
7. CoinCentral – “SEC clears … $HAWK investigation” (recap) – https://coincentral.com/sec-clears-hawk-tuah-girl-hailey-welch-in-hawk-token-investigation/
8. NBC News (syndicated) – “Crypto launch draws scrutiny” – https://finance.yahoo.com/news/hawk-tuah-girl-hailey-welchs-204710025.html
9. WIRED – “Lawyers in $HAWK case now suing Pump.fun” (context) – https://www.wired.com/story/lawyers-hawk-tuah-crypto-promoters-suing-pumpfun/
10. NY Post – “Group behind $HAWK sued” (secondary context) – https://nypost.com/2024/12/19/business/murky-group-behind-hawk-tuah-girl-haliey-welchs-failed-meme-coin-sued-by-investors/