The “crime” in this headline is a naming joke, not a legal conclusion: the missed opportunity was calling the Hawk Tuah-branded token Spitcoin. The actual token was HAWK, a Solana memecoin launched in association with Haliey Welch on December 4, 2024. Its launch later drew a securities lawsuit, but allegations in a complaint are not proof of wrongdoing.
Why “Spitcoin” is the punchline
Haliey Welch became known online for the phrase “Hawk Tuah.” When a crypto token adopted that persona, “Spitcoin” was an obvious alternate name—and the joke behind this headline. A December 7, 2024, Reddit discussion used the same wordplay. That is reader humor, not a description of the token’s design or legal status: Reddit discussion.
What the HAWK token was
HAWK was a Solana memecoin associated with Welch and the OverHere web3 launchpad. It launched on December 4, 2024, using Welch’s internet persona as its branding, according to TRM Labs’ launch analysis.
Before launch, Welch told Fortune the coin was “not just a cash grab.” That was her description, not evidence that HAWK had a defined practical use or investment value. Fortune reported that she offered few details about utility beyond speculation.
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What the lawsuit does—and does not—establish
Investors filed a lawsuit alleging securities-law violations connected to the launch. The complaint in Albouni v. Schultz, Case 1:24-cv-08650, was filed on December 19, 2024; The Block reported on the case. A complaint records claims made by plaintiffs. Filing one does not establish that those claims are true, that a crime occurred, or that a court found Welch liable.
Welch’s later account of the investigations
In a report dated May 21, 2025, The Block quoted Welch saying that the FBI and SEC had investigated her and cleared her of wrongdoing. That is Welch’s reported account; the report did not provide an independent agency statement confirming it.
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Why exact loss and valuation figures need care
Contemporaneous coverage described the launch aftermath, but market-value and investor-loss estimates vary across reports and snapshots. Fortune’s December 10, 2024, coverage and The Block’s December 5, 2024, report are dated accounts, not a single authoritative measure of total losses or peak value. Without a directly supported figure tied to a date and source, a precise number would give more certainty than the evidence warrants.
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