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The group behind the meme coin named after viral “Hawk Tuah Girl” Hailey Welch has been hit with a lawsuit from traders after the $HAWK coin crashed inside hours of its launch.
The criticism filed in New York on Thursday accuses Tuah The Moon Basis; overHere Ltd and founder Clinton So; and influencer Alex Larson Schulz, often known as “Doc Hollywood,” of illegally promoting and selling the coin, which was allegedly not a registered safety, in accordance with The New York Submit.
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Illustration of cryptocurrencies are seen on this illustration photograph taken in Krakow, Poland, on Nov. 14, 2022. (Jakub Porzycki/NurPhoto through Getty Photographs / Getty Photographs)
Welch was not named within the go well with, and he or she addressed the scenario on social media on Friday.
“I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community,” she wrote on X. “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.”
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Welch directed anybody who sustained losses from the $HAWK coin to contact the Burwick Regulation agency.
Haliey Welch seems at SiriusXM Studios in Los Angeles on July 31. (Michael Tullberg/Getty Photographs / Getty Photographs)
$HAWK was launched on Dec. 5, and Welch promoted it to her social media following. The meme coin rapidly surged to a market cap of $490 million, earlier than plummeting to simply $41.7 million in valuation inside a matter of hours.
Haliey Welch seems at SiriusXM Studios in Los Angeles on July 31. (Michael Tullberg/Getty Photographs / Getty Photographs)
Welch instructed Fortune on the time that Hawk was not meant to be a “cash grab.”
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The 22-year-old in a single day movie star stated that whereas she used to view cryptocurrency as a rip-off, she modified her thoughts as a result of it’s a “fun way to get my fans to interact.”
FOX Sports activities’ Scott Thompson contributed to this report.
