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“Spitcoin” would have been a better name. The “horrible crime” in this title is a joke about branding, not a claim that Haliey Welch committed a crime. The token at issue was HAWK, a Solana memecoin launched in association with Welch on December 4, 2024.
Why “Spitcoin” is the joke
Welch became known online for the “Hawk Tuah” phrase, and HAWK used that persona as its branding. A December 2024 Reddit discussion joked that someone would have to “talk tuah” a judge and floated “Spitcoin” as the name the token should have had. That is a punchline about the missed naming opportunity, not evidence about the token’s operation or legal status. Reddit discussion
What HAWK was—and what Welch said before launch
HAWK was a Solana memecoin launched on December 4, 2024, in association with Welch and the OverHere web3 launchpad. TRM Labs’ launch account describes the connection between the token, the launchpad and Welch’s internet persona.
Before launch, Welch told Fortune the coin was “not just a cash grab.” Fortune reported that she offered few details about utility beyond speculation. Her description is not proof that HAWK had a defined use or investment value. Fortune’s December 4, 2024 interview
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The lawsuit alleged violations; it did not establish them
Investors filed a securities-related lawsuit concerning the launch. The complaint in Albouni v. Schultz, filed December 19, 2024, sets out allegations and promotional claims; a complaint is not a court finding that those allegations are true. The complaint and The Block’s report on the filing describe the case. Calling the launch a proven crime or a proven rug pull would go beyond that evidence.
What was later reported about the FBI and SEC
In a May 21, 2025 report, The Block said Welch stated 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 agency statement independently confirming it. The Block’s May 21, 2025 report
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Why this article does not give a definitive loss figure
Contemporaneous reports discussed changes in HAWK’s market value and investor losses, but the figures vary by source and snapshot. Without a single directly supported, dated figure that can be presented as definitive, a precise total would risk implying more certainty than the available reporting supports. Fortune’s December 10, 2024 coverage and The Block’s December 5, 2024 coverage provide contemporaneous context.
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