I know this may blow some people’s minds, but a woman who is best known for imitating the sound you make when you spit on a man’s penis may not be the pinnacle of ethics. Haliey Welch, best known as the “Hawk Tuah Girl,” rose to fame after a drunken moment went viral. She leveraged that exposure for a podcast managed by Jake Paul’s media company.

Then came their foray into cryptocurrency with a meme coin – a type of digital currency that thrives on building community. I hate to sound harsh, but if you invest any significant amount of money in a meme coin, you’re an idiot. Unfortunately, the cryptocurrency market is still far from foolproof, leaving well-meaning, good-natured idiots vulnerable to scams.

Case in point: Haliey Welch launched a meme coin called $Hawk yesterday. About 96% of the coins were reportedly in ten interconnected accounts, almost certainly controlled by Welch himself. After their launch, these accounts artificially inflated the coin’s value to $500 million. Shortly after, they sold their holdings, causing the coin’s value to drop to around $50 million. The insiders walked away with huge profits – not just from the pump-and-dump scheme but also from transaction fees – while everyone else was fleeced. Among the victims was someone who lost his entire savings in just a few minutes.

I’m a big fan of Hawk Tuah, but you took my savings.

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— Madeline Peltz (@peltzmadeline.bsky.social) December 4, 2024 at 9:07 pm

Welch and her team addressed the controversy in a Twitter Spaces session last night, claiming it was all legitimate, but no one seemed convinced. Many buyers probably thought they were supporting someone they trusted because of the sincerity with which she drunkenly made the sound of sputum. Instead, they joined a “community” but watched their money disappear.

Unfortunately, the crypto industry remains largely underregulated. Even if “carpet pulling” is unethical, it is not always illegal, and even if it were, it would be difficult to prove intent. Even though the Hawk Tuah girl has boosted her internet fame, she is likely to walk away with millions, which is otherwise probably more money than she would have amassed on her own before that fame faded.