Hawk Tuah Memecoin Creators Sued After $490M Crash

Haliey Welch, the viral 'Hawk Tuah' star, distances herself from the lawsuit as investors pursue legal action against her crypto partners for alleged securities violations.

The $HAWK memecoin, promoted by Haliey Welch, saw its market cap rise to $490 million before plummeting by over 90% within hours of its December 4 launch.
Investors filed a lawsuit in New York against Welch's crypto partners, including overHere Ltd., its founder Clinton So, and Alex Larson Schultz, alleging securities law violations and deceptive practices.
Welch, who was not named as a defendant, claims she was only a paid spokesperson and is cooperating with Burwick Law to assist affected investors and uncover the truth.
The lawsuit accuses the defendants of leveraging Welch's celebrity status to create a speculative frenzy, drawing in first-time investors who suffered significant financial losses.
Welch's public statement, her first in two weeks, denies active involvement in the coin's development and directs impacted individuals to contact the law firm handling the case.