The group behind the meme coin named after viral "Hawk Tuah Girl" Hailey Welch has been hit with a lawsuit from investors after the $HAWK coin crashed within hours of its launch.
The complaint filed in New York on Thursday accuses Tuah The Moon Foundation; overHere Ltd and founder Clinton So; and influencer Alex Larson Schulz, known as "Doc Hollywood," of illegally selling and promoting the coin, which was allegedly not a registered security, according to The New York Post.
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Welch was not named in the suit, and she addressed the situation 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 anyone who sustained losses from the $HAWK coin to contact the Burwick Law firm.
$HAWK was launched on Dec. 5, and Welch promoted it to her social media following. The meme coin quickly surged to a market cap of $490 million, before plummeting to just $41.7 million in valuation within a matter of hours.
Welch told Fortune at the time that Hawk was not meant to be a "cash grab."
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The 22-year-old overnight celebrity said that while she used to view cryptocurrency as a scam, she changed her mind because it’s a "fun way to get my fans to interact."
FOX Sports' Scott Thompson contributed to this report.
https://www.foxbusiness.com/markets/group-behind-viral-hawk-tuah-stars-meme-coin-hit-lawsuit-over-crash
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