Hailey Welch, known for her viral "Hawk Tuah" catchphrase, launched the HAWK memecoin on December 4, promising to revolutionize the crypto space. Despite an initial market capitalization surge to $500 million, the coin plummeted 94% within 12 hours, leading to accusations of insider trading and scamming from on-chain investigator Coffeezilla. Welch denied these allegations, asserting that her team did not engage in any token sales or grant free tokens to influencers.

As the controversy escalates, law firms are now soliciting investors who incurred losses to join potential lawsuits against Welch and her team.