Joe Rogan has delivered a blunt assessment of the aftermath of Haliey Welch’s collapsed cryptocurrency project, which is descending into chaos with legal disputes, financial losses, and severe public criticism.
Rogan offered a blunt perspective on the debacle during a recent episode of his podcast.
The $HAWK token, which went live on December 4, initially soared to a staggering $490 million market capitalization but then plummeted by 90 percent within a few hours, leading to significant financial hardship for over a dozen investors.
Several investors disclosed that they lost their entire life savings, while others raised allegations of dishonest dealings by the token’s developers. The team responsible for the influencer’s memecoin, which crashed spectacularly shortly after its introduction, is currently facing legal action for failing to register the cryptocurrency.
Memecoins are types of cryptocurrency inspired by viral internet memes. They originally started out as a joke and were used for entertainment purposes, but have now ballooned in value in recent years.
In this case, the investors said that adding that Welch’s ‘frenzied’ marketing of the token only added to its raised appeal.
Better known as the ‘Hawk Tuah Girl,’ Haliey Welch’s involvement included her promoting the coin with her name and likeness, but she quickly became a lightning rod for criticism.
Despite her denials of wrongdoing and claims of minimal involvement, the 22-year-old social media star has now faced widespread backlash.
Never one to mince words, Rogan mocked the decision-making of investors who poured money into the ill-fated crypto project.
Speaking on The Joe Rogan Experience, he remarked, ‘One guy invested a million dollars. Imagine like, ‘The Hawk Tuah girl? Yeah, that’s a sound investment. That seems like a good place to put my nest egg.’
The podcaster speculated on Welch’s true role in the project, suggesting that she may have been exploited by more experienced operators.
‘It was probably some people she got invested in and she probably doesn’t understand all that stuff. She’s only 22 or something. It’s probably the partners that went with her. They pumped and dumped on her and then she was left holding the bill because nobody knows who they are. I’m just guessing. I don’t know,’ Rogan said.
But his critical commentary didn’t stop there. Rogan went on to question the scope of the lawsuit, which involves 12 plaintiffs seeking $151,000 in damages.
‘Isn’t it weird that there’s only 12 people and they’ve only lost $151,000 total?’ he asked, before making a disparaging remark about the intelligence of those involved.
‘How many stone-cold r*****s are roaming the world?’ he asked.
In the wake of the scandal, Welch broke her silence on social media last month, addressing her fans and investors in a statement posted to X.
‘I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community,’ she wrote.
‘I am fully cooperating with and am committed to assisting the legal team representing the individuals impacted, as well as to help uncover the truth, hold the responsible parties accountable, and resolve this matter,’ she continued.
Welch pledged her cooperation with Burwick Law, the firm representing affected investors, and linked to a form for victims to report their losses.
Since her initial statement, Welch has been notably absent from social media with no further updates or indeed postings of any kind across any platforms.
Welch now finds herself at the center of a lawsuit targeting the creators of $HAWK, including influencer Alex Larson Schultz (known online as Doc Hollywood), Tuah The Moon Foundation, and the token launch organization overHere Ltd.
The complaint accuses the defendants of unlawfully promoting and selling the cryptocurrency as an unregistered security, a serious violation of U.S. securities laws.
The lawsuit also alleges that the coin’s creators manipulated its structure to bypass legal requirements, converting the Tuah Foundation into an offshore entity and selling a portion of the tokens to skirt regulations.
Schultz, who was once a vocal defender of the project, has since deleted his social media presence, leaving Welch as the most visible face of the controversy.
Welch’s attempt at damage control, however, has been met with skepticism.
Critics have accuse Welch of attempting to absolve herself of responsibility, with one user responding, ‘You promoted it. It was purchased because your likeness was attached. You deserve the same consequences as any ‘responsible party.’
ZachXBT, a well known crypto investigator, shared a screenshot of someone warning investors that Welch would do a crypto coin.
‘Only if you were warned by the entire community prior to launching the token,’ he replied to Welch’s post about the lawsuit.
Another claimed: ‘I am a huge fan of Hawk Tuah but you took my life savings. I purchased your coin $Hawk that you were so excited about with my life savings and children’s college education fund as well.’
As the lawsuits progress and public sentiment remains divided, Welch faces an uphill battle to restore her reputation.
Meanwhile, Rogan’s biting commentary has added yet another layer to the saga.
