Haliey Welch’s Solana-based $HAWK memecoin launched on December 4, 2024, and its reported market capitalization surged before dropping by more than 90% within hours. The figures vary by source: TRM Labs estimated a peak near $490 million, while The Block reported roughly $400 million. The rapid collapse is documented; claims about who caused it or whether anyone broke the law remain separate questions.
How $HAWK rose and fell
Welch, known online as the “Hawk Tuah” girl, announced the planned token launch with Web3 launchpad OverHere on November 26, 2024, according to TRM Labs. $HAWK launched on the Solana blockchain on December 4. Published launch-time accounts differ: TRM gives 5 p.m. Eastern, while The Block reported a debut around 4 p.m. Eastern.
Both sources describe a steep rise followed by a collapse within hours, but their market-cap estimates are not identical:
| Source | Reported peak | Reported decline |
|---|---|---|
| TRM Labs | About $490 million | Down 91% to $41.7 million within hours |
| The Block, December 5, 2024 | Roughly $400 million | More than 90% |
These are source-specific estimates, not a single settled market-cap figure. They describe reported market capitalization, not money investors could necessarily have withdrawn at those valuations. A token’s quoted market cap is generally derived from its price and token supply; it is not the same as the amount of cash invested or recoverable by holders.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall#1 Best Overall
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
What blockchain analysis found—and what it cannot prove
TRM Labs’ tracing reported concentrated holdings and identified a wallet that acquired 17.5% of the total supply seconds after launch, then sold rapidly. TRM also described funds moving from a project-controlled address to “strategic investors.” These are observations about blockchain transactions as interpreted by TRM. A wallet address alone does not establish who controlled it, whether multiple wallets had a common owner, or what any holder intended.
The Block reported that wallets described as associated with insiders controlled a substantial share of the supply. It also reported a response from OverHere that a wallet cluster reflected transfers consistent with the tokenomics. The Block said the project described a 10% team allocation subject to a 12-month lock and three-year linear vesting. Those descriptions are attributed claims, not independent proof of the identities or actions of particular wallet controllers.
Rank #2
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
What Welch and OverHere said
On December 5, The Block reported Welch’s denial that the team sold tokens. She wrote: “Team hasn’t sold one token and not 1 KOL was given 1 free token.” That is her statement; it does not independently establish what happened across all wallets.
OverHere likewise said the team had not sold tokens and explained that the wallet cluster reflected transfers related to tokenomics. The Block later quoted an OverHere spokesperson saying the company had been transparent about the limited scope of its involvement and was confident it had done nothing wrong, adding that it would let litigation proceed in court. These responses should be read alongside, not substituted for, the transaction analysis and allegations.
Recommended Free Tools
Rank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
What the lawsuit alleged
Investors filed a lawsuit on December 19, 2024, against Alex Larson Schultz, OverHere Limited, Clinton So, and Tuah The Moon Foundation. According to The Block, twelve plaintiffs alleged federal securities-law violations, including that HAWK was an unregistered security, and claimed losses exceeding $151,000. The lawsuit’s theory included that marketing led buyers to expect profits from the team’s efforts.
A Wolf Popper and Burwick Law announcement describes 17 plaintiffs in individual complaints as well as a class complaint. Those counts appear to describe different complaint groupings and should not be combined into one plaintiff total. The claims are allegations, not findings that HAWK legally was a security or that defendants violated the law.
Rank #4
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
What was reported later about Welch
In a May 21, 2025 report, The Block said Welch stated on her podcast that the FBI and SEC had cleared her. It also reported that she was not named as a defendant in the investor suit. The account is attributed to Welch; the cited report is not an announcement from either agency. Welch also said, “I trusted the wrong people that screwed me.” That is her account of the episode, not a court finding about responsibility.
The cited coverage establishes that investors filed suit and reports Welch’s later statement, but does not establish the case’s final disposition. It is therefore not possible from these sources to say whether the litigation was ultimately resolved or remains active.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Best Value
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
How to read the competing claims
- Observed event: $HAWK launched on Solana and its reported market capitalization fell sharply within hours.
- Blockchain interpretation: TRM Labs described concentrated supply and rapid buying and selling by a wallet; this does not, on its own, prove identity, coordination, or intent.
- Project response: Welch and OverHere denied that the team sold tokens; those denials are attributed statements.
- Legal claim: Investors alleged securities-law violations; the cited coverage does not establish that a court upheld those allegations.
Calling the episode a “rug pull,” insider trading, or proven market manipulation would go beyond what these sources establish. The documented price collapse and the disputed explanations for it are not the same thing.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
