Hawk Tuah Girl’s team have finally broken their silence after fans ‘lost life savings’ on her cryptocurrency.

Hawk Tuah Girl, whose real name is Hailey Welch, became a viral sensation after taking part in an on-the-street interview.

Welch made the most of her viral moment by quickly starting her own podcast called Talk Tuah.

However, she has recently stirred up controversy after announcing her own cryptocurrency called $HAWK.

Many fans took the plunge to invest but within an hour of the coin being released, its value plummeted and a lot of people lost quite a lot of money.

According to reports, Welch is now being investigated to find out whether there is any scope for people who lost out on the coin to file a lawsuit against the social media star.

The crypto coin reportedly peaked at around $490 million and then quickly crashed at $41 million.

Some fans are accusing Welch of performing a ‘rug pull’, and according to CoinMarketCap, this is where people who are also known as snipers will ‘buy the asset where it’s cheaper and instantly sell it where it’s more expensive, profiting from the price gap’.

Welch herself has responded to the controversy and insisted that her team ‘tried to stop snipers as best we could through high fees in the start of launch on @MeteoraAG’.

Now overHere – the official platform for Haliey’s $HAWK token – has addressed the matter as well.

Taking to X, formerly Twitter, the team revealed the so-called ‘truth’ about what happened.

The statement read: “We Only Built Airdrop Tech for Web2 Fans, for Free.

“We saw $HAWK as the perfect use case for our startup’s idea: to bring airdrops to web2.

Haliey Welch went viral over the summer for her NSFW comments (YouTube/Tim&DeeTV)

“Hailey Welch—a literal meme—launching a meme coin felt like synchronicity.

“Our goal was simple: bring Web2 fans into Web3 seamlessly. A way to bring Web2 into crypto through culture, not just speculation.

“First of its kind. That’s it. For free.”

It continued: “We believed in that vision so much that pushed harder and harder, perhaps through rose-tinted glasses and naivety about others’ intentions, even as the project began to unravel.”

As to how things unravelled, overHere says that ‘community sentiment shifted’.

The team said: “As desperation kicked in, participation conditions were progressively watered down.

“What started with plans for a lock-up eventually ended with none.”

It went on to place blame on an individual who goes by Doc Hollywood, who apparently ‘controlled all token decisions, fees, treasury’.

Then, overHere further insisted that it made zero revenue from the whole debacle and that Doc Hollywood allegedly charged 15 percent trading fees.

These allegations were denied by Alexander Larson Shultz, a team member nicknamed ‘Doc Hollywood’, as reported by IBT.