Halch, who won a sudden reputation with the phrase “Hawk Tuah” in the social media world, is now being examined by FBI for Hawk Coin, a Memecoin project in which his name is associated without permission.

The new “Breast Star” state of the Internet said during a short interview, the expression “Hawk Tuah ğı was viral and reached millions of views on platforms such as Tiktok and X (Old Twitter). After this phenomenon, some unidentified people created a memecoin called “Hawk”. Coin’s name and marketing language was directly referring to Welch’s video. However, it appeared in a short time that Welch had no direct relationship with this coin.

However, the rapid introduction of the project through social media caused many people to invest in Hawk Coin. Coin’s price increased by over 1,000 %in the first 48 hours, then a harsh decline. Investors began to claim that Coin was designed by “Pump and Dump”, that is, an artificial price inflating method.

Following the events, FBI was included in the issue and especially Coin’s creators were tried to be identified. This raised the possibility that Halch could testify as a witness, although it was not a direct investigation. Welch said in a statement that he had no interest in the Memecoin project, his name was used without permission and he would resort to legal remedies.

Experts, this event once again revealed the dangerous dimensions of the memecoin fury, he says. The rapidly token and release of the name of a figure that gains fame in social media is token and the market leads to investors to turn to these projects without doing enough research. The result is often fraud and victimization.

Blockchain analysts revealed that Coin’s creative wallets sold a large amount of token in the early hours and that most of these sales took place on decentralized stock exchanges. This may indicate a cases of a classic “Rug Pull” (carpet pulling) case.

As a result, the Hawk Memecoin incident shows how easily the areas where regulations are missing in the crypto currency world. The fact that Halch suddenly became the face of the Memecoin market proved how social media fame can be transformed into speculative tools. How the FBI will conclude this event can create a deterrent for similar projects.