A new one has been added to the cases in the cryptocurrency market.
Investors have filed a lawsuit against several entities involved in the launch of the Hawk Tuah (HAWK) memecoin.
Investors noted that the HAWK token exhibits all the characteristics of an unregistered security according to established legal precedents.
At this point, the defendants named in the lawsuit include Tuah The Moon Foundation, OverHere Ltd, Clinton So, and Alex Larson Schultz and Haley Welch, who allegedly introduced the memecoin.
Social media phenomenon Haley Welch, known as the “Hawk Tuah” girl, was also reportedly sued for allegedly promoting and selling the memecoin HAWK, which suffered a 95% collapse hours after its launch on December 4.
Haliey Welch has denied allegations that she or her team traded information related to the HAWK token.
The plaintiffs’ lawyers wrote:
“Pre-launch marketing for HAWK portrayed the token as more than a speculative asset and portrayed the token as a cultural asset with significant growth potential.
Haley Welch’s promotion of the HAWK token and her reputation as a trusted public figure inspired her followers and potential investors to invest in the project.”
HAWK initially reached a market cap of $4.9 billion before its steep decline. However, it immediately dropped by more than 90%. According to the data, HAWK was launched on December 4th with a market cap of approximately $16.6 million. HAWK’s price surged after the launch, reaching a market cap of $491 million within three hours. However, it quickly fell to around $41.7 million.
*This is not investment advice.
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