Internet personality Haliey Welch, widely recognized as ‘Hawk Tuah Girl’, has addressed the public after facing a lawsuit due to the downfall of her ‘memecoin’ cryptocurrency.
Following the filing of a class action lawsuit by Burwick Law on December 19, Welch responded in relation to the swift decline of her cryptocurrency, $HAWK.
This cryptocurrency was introduced earlier this month and initially garnered support from Welch’s followers. However, within just 20 minutes of its launch, the value drastically dropped from approximately $490 million to merely $41 million.
The abrupt depreciation sparked discontent among Welch’s supporters, with one individual voicing frustration online, stating: “I am a huge fan of Hawk Tuah but you took my life savings. I purchased your coin $Hawk that you were so excited about with my life savings and children’s college education fund as well.”
On December 6, Welch initially responded to the criticism, appearing to justify the coin’s launch by sharing a pre-written message with her Twitter followers.
The message stated: “Hawkanomics: Team hasn’t sold one token and not 1 KOL was given 1 free token.”
“We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG. Fee’s [sic] have now been dropped.”
After an extended period of silence, investors who experienced financial loss are now pursuing legal action.
The legal document representing the investors outlined that the lawsuit ‘arises from the unlawful promotion and sale of the Hawk Tuah cryptocurrency memecoin, known as the “$HAWK” token (the “Token” or “$HAWK”), which Defendants offered and sold to the public without proper registration’.
While the lawsuit did not explicitly name Welch, it alleged that her social media presence was utilized to promote the coin by defendants including Tuah The Moon Foundation, responsible for managing the memecoin’s finances; OverHere Ltd, the entity that created the coin; Clinton So, an executive at OverHere; and the coin’s promoter Alex Larson Schultz.
In light of the lawsuit’s announcement, Welch aimed to reassure her fans and investors, stating on Twitter: “I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community.
“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. If you have experienced losses related to this, please contact Burwick Law using the link below: https://www.burwick.law/newclient.”