On December 4, 2024, Hawk Tuah, known for her viral internet fame, launched the meme coin $HAWK on the Solana blockchain. What was intended to be a fun and community-driven project quickly turned into a fiasco.

The coin initially saw explosive growth, with its market cap rising to nearly $500 million, but just minutes later its value plummeted by 88%, plummeting to just $60 million.

This sharp decline sparked a wave of reactions on social media. Many accused the project of being a “rug pull” – a term used in the cryptocurrency world for a scam in which developers disappear and investors are left with worthless tokens.

Crypto experts speculate that the collapse may have been caused by “sniping,” where large investors capture the majority of tokens and put small buyers at risk.

Some insiders believe that those behind the $HAWK token may have engaged in a rip-off scheme that involved selling large amounts of the coin to insiders while the price fell.

The reaction from netizens was swift and fierce. One user remarked, “She needs to become a judge in front of Talk Tuah soon,” referring to her viral moments.

Others followed suit and expressed their outrage: “She can spit behind bars – the guards would definitely enjoy that” and “She will 100% go to prison.” Many wonder whether Tuah or those behind the coin face legal consequences. Some refer to the incident as “Jail-Tua” or “Rug Tuah”.

Following the debacle, Hawk Tuah issued a public statement addressing the coin’s collapse.

“The launch of the $HAWK token provides Hailey with a fun, secure and innovative way to get even closer to her community,” she said. “It not only empowers their fans, but also eliminates the confusion caused by scammers who constantly release unauthorized coins without approving their name and likeness.”

However, she also clarified: “I had no control over the management of the token” and assured fans that no team member sold tokens during the launch.

Its manager, Jonnie Forster, shared her views and claimed the coin was never intended as a money grab, but rather an attempt to change the public perception of cryptocurrencies. Despite these assurances, many remain unconvinced.

One netizen commented: “If she is actually behind this, she deserves a prison sentence. Something tells me that wasn’t her idea.”

The crypto crash is not the first time Tuah has ventured into the world of meme coins. Previously, she distributed free tokens to her social media followers in a campaign between November 26th and December 2nd.

The release of $HAWK was intended to strengthen her connection with her growing fanbase, but given her rapid decline, it now remains unclear whether her intentions were innocent or whether she was unwittingly caught up in a much larger plan.

Everyone is questioning whether Tuah will be prosecuted over the incident, and some are calling for full legal responsibility.

As the situation continues to evolve, the crypto community and Tuah fans are eagerly awaiting more information – and whether the fallout from the $HAWK crash will lead to legal action.