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HAWK

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Summary

HAWK is a Solana-based memecoin launched on December 4, 2024, in partnership between internet personality Haliey Welch (the 'Hawk Tuah girl') and Web3 launchpad OverHere Limited. Within 15 minutes of launch the token reached a $491 million market capitalization before collapsing over 93% in value the same day, with on-chain data showing approximately 97% of supply was concentrated in insider wallets and only 3% available to the public. A federal class-action lawsuit naming Alex Larson Schultz, OverHere Limited, Clinton So, and Tuah The Moon Foundation for alleged unregistered securities violations remains active as of 2025; Haliey Welch was separately investigated by the FBI and SEC but claims to have been cleared.

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Token Launch and Price Collapse

The $HAWK token launched on the Solana blockchain on December 4, 2024, at 22:00 UTC through Web3 launchpad OverHere Limited. Haliey Welch, who had become an internet personality via the viral 'Hawk Tuah' meme, was the public face of the project and promoted it through her podcast Talk Tuah and social media. The token had previously raised capital from non-U.S. investors at a $34.5 million pre-sale valuation. Within approximately 15 minutes of trading commencing, the market capitalization surged to $491 million. The token then collapsed more than 93% to a market cap of approximately $41.7 million within hours of launch. By December 13, 2024, the token value had 'neared 0' according to TRM Labs blockchain analysis. The total estimated realized losses to retail investors across the event have not been independently audited to a single figure, though the class-action suit names collective plaintiff losses of over $151,000, representing a subset of affected investors.

Sources

Token Distribution and On-Chain Concentration

On-chain analysis conducted by blockchain analytics firm Bubblemaps and corroborated by Halborn Security identified extreme token concentration at launch. According to Halborn, 97% of the initial supply was held across just ten wallets, with only 3% of total supply made available for public purchase. The official tokenomics structure had allocated 17% of supply to 'strategic investors' with tokens fully unlocked at launch, enabling immediate selling. Of the 285 presale investor wallets, approximately 30% sold all holdings immediately after launch and 23% sold partial positions, generating roughly $3.3 million in aggregate profits according to Bubblemaps. One wallet acquired approximately 17.5% of total supply within seconds of launch — paying approximately 4,195 Wrapped SOL ($993,000) — and subsequently sold 135.8 million tokens over 90 minutes, netting an estimated $1.3 million profit. Bubblemaps stated that the HAWK project team itself had not confirmed selling, but that 'KOLs and strategic advisors connected to the project' sold substantial supply immediately after launch. The Tuah The Moon Foundation, a Cayman Islands-registered entity associated with the project, is alleged to have collected approximately $3 million in transaction fees during peak trading activity. The token carried a 15% transaction fee, substantially higher than industry norms.

Sources

Class-Action Lawsuit and Legal Proceedings

On December 19, 2024, a class-action lawsuit was filed in the United States District Court for the Eastern District of New York (Case Nos. 1:24-cv-8650 and 1:24-cv-8965) against four defendants: Alex Larson Schultz (also known online as 'Doc Hollywood'), OverHere Limited, Clinton So (CEO of OverHere Limited), and Tuah The Moon Foundation. Haliey Welch was not named as a defendant. The suit was filed by law firms Wolf Popper LLP and Burwick Law on behalf of 17 named plaintiffs who alleged collective losses exceeding $151,000. The plaintiffs allege violations of Sections 5 and 12(a)(1) of the Securities Act of 1933, asserting that the $HAWK token constitutes an unregistered security that was offered and sold to U.S. investors without SEC registration. The suit further alleges defendants 'leveraged Haliey Welch's celebrity status to create a speculative frenzy' and promoted the token through misleading statements. On April 23, 2025, a federal court appointed Alexander Escobar as Lead Plaintiff, and Wolf Popper LLP and Burwick Law were formally appointed as Co-Lead Counsel, advancing the litigation to its next phase.

Sources

FBI and SEC Investigation of Haliey Welch

Following the token's collapse, Haliey Welch became the subject of separate federal inquiries by the FBI and SEC. Welch disclosed on her Talk Tuah podcast in May 2025 that FBI agents visited her grandmother's residence as part of their investigation and that she voluntarily surrendered her phone to the SEC. Welch stated she was investigated but ultimately cleared by both agencies, claiming the SEC dropped its inquiry by the end of March 2025. Welch maintained throughout that she received only a flat marketing fee for promoting the token on social media and had no control over the token's mechanics, launch structure, or distribution. She claimed to have been unaware that 97% of supply was concentrated in insider wallets. She was not named as a defendant in the civil class-action lawsuit. No formal charges or enforcement actions against Welch have been publicly announced by the SEC or FBI as of the date of this investigation.

Sources

Key Entities and Alleged Roles

OverHere Limited is the Web3 launchpad that co-designed and operated the $HAWK token launch. Clinton So, identified as CEO of OverHere Limited, is a named defendant in the class-action litigation. Alex Larson Schultz (alias 'Doc Hollywood') is identified in court filings as a named defendant and is described as having shared promotional pitch decks for the project via Telegram prior to the public launch. The Tuah The Moon Foundation, incorporated in the Cayman Islands, is named as a defendant and is alleged to have collected approximately $3 million in transaction fees generated during the token's peak trading period. The Foundation's registration in the Cayman Islands, a jurisdiction commonly associated with offshore structures seeking reduced regulatory oversight, has been noted in legal commentary as a structural concern. All named defendants have denied wrongdoing in public statements following the lawsuits.

Sources

SEC Complaints Filed by Retail Investors

Following the token's collapse on December 4-5, 2024, multiple individual retail investors filed complaints with the U.S. Securities and Exchange Commission. At least one investor complaint was publicly reported. The International Business Times UK reported that the HAWK crypto team netted approximately £2.59 million (approximately $3.25 million USD) amid the botched token launch, while retail investors pursued SEC complaints seeking regulatory redress. The SEC's inquiry into the broader matter was subsequently disclosed to have been closed without action against Haliey Welch, though the civil class-action against OverHere Limited and associated parties proceeds independently of SEC enforcement.

Sources

Tokenomics and Structural Red Flags

The $HAWK token exhibited several structural characteristics widely associated with high-risk or manipulative token launches. The official tokenomics allocated 17% of total supply to early investors with full unlock at launch, making immediate selling both permissible and incentivized from the outset. The public float at launch was approximately 3% of total supply — an extremely low free-float ratio that amplifies price impact from any selling pressure. The token carried a 15% transaction fee, far above industry norms, which critics allege was designed to enrich the project's treasury and associated foundations. An early pitch deck shared in November 2024 had designated a 20% early investor allocation with one-month lockup periods; the final version reduced the lockup period to zero. Blockchain analytics firm Bubblemaps noted that a project-controlled vanity wallet address beginning with 'HAWK' appears to have funded wallets identified as strategic investors, who subsequently sold at peak prices. The token was launched via OverHere's launchpad on Solana and traded primarily on Raydium DEX.

Sources

Timeline

2024-11-03

Early pitch deck for $HAWK token circulated, specifying 20% early investor allocation with one-month lockup periods.

Fortune

2024-11-26

Haliey Welch officially announced the launch of $HAWK token; allowlist sign-ups opened at overhere.gg.

Multiple crypto news outlets

2024-12-04

$HAWK token launched on Solana at 22:00 UTC (5:00 PM EST) via OverHere launchpad. Market cap surged to $491 million within 15 minutes before collapsing over 93% the same day.

CoinDesk, TRM Labs, Halborn

2024-12-05

Haliey Welch went offline and became unreachable following the token collapse. Multiple investors filed SEC complaints. On-chain data showing 97% insider concentration published by Bubblemaps.

CoinDesk, Decrypt

2024-12-10

Fortune published investigation concluding the launch bore characteristics of a 'one-day pump and dump.' Bubblemaps identified project-linked wallets funding insider sellers.

Fortune

2024-12-13

Token value neared zero according to TRM Labs blockchain data.

TRM Labs

2024-12-19

Class-action lawsuit filed in EDNY (Case No. 1:24-cv-8650) against Alex Larson Schultz, OverHere Limited, Clinton So, and Tuah The Moon Foundation for alleged unregistered securities violations.

Wolf Popper LLP

2025-03-31

SEC alleged to have ended its inquiry into Haliey Welch without bringing charges, per Welch's own account.

CoinDesk, The Block

2025-04-23

Federal court appointed Lead Plaintiff and Co-Lead Counsel (Wolf Popper LLP and Burwick Law) in the $HAWK securities class-action, advancing the case.

Wolf Popper LLP

2025-05-21

Haliey Welch disclosed on her Talk Tuah podcast that she had been investigated by the FBI (agents visited her grandmother's home) and SEC, but claimed both agencies cleared her of wrongdoing.

CoinDesk, The Block, Hollywood Reporter
Provenance
Anchored on SolanaVerify on-chain

This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive. Full audit log →

model: claude-code-investigator

generated: 5/8/2026, 9:01:20 PM

last updated: 5/8/2026, 9:07:35 PM

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