Hawk Tuah Girl's $HAWK meme coin plummets 88%, internet reacts: 'She deserves jail time'

Crypto controversy erupts as Hawk Tuah’s $HAWK coin crashes, with fans calling for legal accountability.

On December 4, 2024, Hawk Tuah, known for her viral internet fame, launched the $HAWK meme coin on the Solana blockchain. What was meant to be a fun and community-driven project quickly turned into a fiasco.

The coin initially saw explosive growth, with a market cap soaring to nearly $500 million, but just minutes later, its value plummeted by 88%, crashing to only $60 million. 

This sharp decline triggered a wave of reactions on social media, with many accusing the project of being a "rug pull" — a term used in the cryptocurrency world for a scam where developers disappear, leaving investors with worthless tokens.

Crypto experts speculate that the collapse could have been caused by "sniping," where large investors scoop up the majority of tokens, leaving small buyers at risk. 

Some insiders believe that those behind the $HAWK token may have engaged in a rug-pulling scheme, with large amounts of the coin being sold off to insiders while the price tanked.

The reaction from netizens was swift and fierce. One user remarked, "She’s gonna have to Talk Tuah judge soon," referencing her viral moments. 

She’s gonna have to Talk Tuah judge soon.

— SirSuspect (@PvtEquity420) December 5, 2024

Others followed suit, expressing outrage: "She can spit behind bars — sure the guards would enjoy," and "She’s going to jail 100%." Many are questioning if Tuah, or those behind the coin, will face legal consequences, with some calling the incident "Jail-Tua" or "Rug Tuah."

Jail-Tua

— Mellow🪶 (@MELLOW_080) December 5, 2024

In the wake of the debacle, Hawk Tuah issued a public statement addressing the coin’s collapse. 

"Launching the $HAWK token creates a fun, secure and innovative way for Hailey to get even closer to her community," she said. "It not only empowers her fans but also eliminates the confusion posed by scammers who are constantly releasing unauthorized coins without approvals of her name and likeness." 

However, she also clarified, "I had no control over the token’s management," and reassured fans that no team member had sold any tokens during the launch.

Her manager, Jonnie Forster, echoed her sentiments, claiming the coin was never intended as a cash grab but rather an effort to change the public’s perception of crypto. Despite these assurances, many remain unconvinced. 

As one netizen commented, "If she’s actually behind this, she deserves jail time. Something tells me this wasn’t her brainchild."

If she's actually behind this, she deserves jail time. Something tells me this wasn't her brain child.

— Dwayne Pellerin (@dwayne_pell323) December 5, 2024

The crypto crash isn’t the first time Tuah has ventured into the world of meme coins. Previously, she distributed free tokens to her social media followers in a campaign between November 26 and December 2. 

The release of $HAWK was intended to strengthen her connection with her growing fanbase, but with the rapid crash, it now remains unclear whether her intentions were innocent or if she was unknowingly caught up in a much larger scheme.

The question on everyone’s mind is whether Tuah will face criminal charges for the incident, with some calling for full legal accountability. 

As the situation unfolds, the crypto community and Tuah’s fans are anxiously awaiting more information — and whether the consequences of the $HAWK crash will lead to legal action.