Hailey Welch, widely known for creating the viral “Hawk Tuah” meme, has come under fire following the collapse of her newly launched cryptocurrency $HAWK.

The meme coin, which debuted on the Solana blockchain on Wednesday, initially experienced a meteoric rise, reaching a value of $500 million just moments after its launch. However, its value plummeted, falling below $60 million within minutes.

The sharp decline sparked widespread criticism online, with many accusing Welch of orchestrating a scam. Critics on social media called the coin a hoax, and legal challenges quickly emerged.

“We represent clients in matters related to $HAWK,” wrote renowned law firm Burwick Law on X (formerly Twitter). “If you have suffered loss and want to explore your options, learn more.”

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Following the intense backlash, Welch and her team addressed the controversy and denied any intentional wrongdoing. Their manager explained, “We don’t want to violate securities laws. We would say that in a way we almost symbolize Hailey’s fan base.”

“The team did not sell a single token and not 1 KOL received 1 free token. “We tried to stop snipers as much as possible by charging heavily at the start of the launch on @MeteoraAG,” Welch defended himself.

Internet users are demanding that Welch be held accountable

“Justice for Hawk Tuah cheated. She deserves a prison sentence to make an example and show other celebrities not to abuse their followers,” one user commented.

“If you lost money on a Hawk Tuah coin… you deserve it,” chimed in another.

Other comments included: “Everyone is about to lose more legal fees because she didn’t do anything illegal 😭 (Honestly I don’t think she knew what was going on, her developer/team took advantage of it, now she has to withstand pressure).”

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Another person commented harshly: “This girl needs to disappear as quickly as she appeared in public.”

“Idiots become famous, gain the trust of their loyal fan base that made them who they are, and then betray them for their own financial gain,” one user wrote. While another commented: “She should talk about Tuah lawyer too.”