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The "Hawk Tuah Girl" meme coin, $HAWK, has plunged 91% from its peak market cap of $490 million, now valued at $41.7 million, leading to a legal battle in New York. Investors allege violations of federal securities laws, claiming the token is an unregistered security and that developers engaged in insider trading. The lawsuit highlights the risks associated with meme coins, which often rely on viral popularity and community engagement for initial success.
Haliey Welch, known as the Hawk Tuah girl, has emerged after a 372-hour silence to announce her cooperation with a law firm suing the creators of the failed HAWK meme coin, which collapsed shortly after launch. Despite her involvement as a face of the project, her spokesperson claims she had no control over it and received only a fixed sponsorship fee. The lawsuit, filed by 12 plaintiffs alleging over $151,000 in damages, does not list Welch as a defendant, a strategic decision by the law firm to expedite potential recovery for investors.
Haliey Welch has resurfaced to address the fallout from the Hawk Tuah meme coin, which plummeted 90%, resulting in $151,000 in investor losses. A lawsuit has been filed against the creators, alleging the token was fraudulently marketed as an unregistered security. Despite the backlash and internet ridicule, Welch stated her commitment to assist the legal team representing affected investors.
Investors of Haliey Welch’s HAWK memecoin have filed a federal lawsuit against the project's creators, alleging a pump-and-dump scheme after the token's value plummeted over 95% shortly after launch. The suit claims unlawful promotion and sale without proper registration, leading to significant investor losses. The defendants include Tuah The Moon Foundation, OverHere Ltd, and promoter Alex Larson Schultz.
Investors have filed a lawsuit against the creators and partners of the Hawk Tuah (HAWK) memecoin, alleging the promotion and sale of unregistered securities. The memecoin, which surged to a market cap of $491 million shortly after its launch on December 4, saw a dramatic decline of over 90%, leading to accusations of a pump-and-dump scheme. Social media influencer Haliey Welch, linked to the project, denied insider trading allegations, while YouTuber “Coffeezilla” defended the launch against claims of a rug pull.
Social media celebrities, including Haliey Welch, known as the "Hawk Tuah" girl, are facing backlash for allegedly exploiting the crypto boom following Donald Trump's election victory. Welch's newly launched cryptocurrency has significantly lost value shortly after its introduction, raising concerns about the integrity of such ventures. Critics are increasingly vocal about the potential scams targeting fans in the crypto space.
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