- Haliey Welch, known as Hawk Tuah Girl, broke her silence after being sued over the crypto crash of her meme coin HAWK
- Investors filed a lawsuit against the HAWK creators, accusing them of unlawfully promoting and selling unregistered cryptocurrency
- Welch said she is cooperating with the legal team and is committed to assisting those impacted by the HAWK coin crash
The Internet sensation Haliey Welch, popularly recognized as Hawk Tuah Girl, has recently spoken up about the lawsuit filed over the crash of her meme coin HAWK, which happened only a few hours post its launch. This incident broke her two-week-long social media silence.
The Legal Tangle
The lawsuit was lodged in the US District Court in New York against the creators of HAWK. Investors are accusing overHere Ltd, its founder Clinton So, social media influencer Alex Larson Schultz, and the Tuah The Moon Foundation of unlawfully promoting and selling a cryptocurrency that was supposedly never properly registered. Interestingly, Welch isn’t named as a defendant in the suit.
Understanding Meme Coins
Meme coins are cryptocurrencies that draw inspiration from internet memes or cultural trends. They leverage humor and the promise of an enjoyable community to attract users. However, due to their volatile nature, they are typically considered of low value.
The HAWK Debacle
On December 4, when HAWK tokens were launched, the meme coin rose to a market cap of $490 million before plummeting by 95 percent within minutes to below $100 million. Reports suggest that investors lost a combined $151,000. The lawsuit also alleges that the team exploited Welch’s popularity to market the token, and accusations of insider trading and deceptive promotional practices have been made.
Welch’s Stand on the Situation
After maintaining silence for two weeks, Welch addressed her commitment to help those who lost money. She expressed her seriousness about the situation and her intent to assist the legal team representing the affected individuals. She encouraged those who experienced losses to contact Burwick Law.
Celebrity Support
Billionaire investor Mark Cuban defended Welch amidst the aftermath. He stated that she trusted the people around her despite not fully understanding the situation.
Conclusion
The Hollywood Reporter reached out to Welch’s team and a representative for Betr Media for further comments. This incident serves as a reminder of the volatile and unpredictable nature of cryptocurrencies, particularly those tied to internet trends and memes.
