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.
