Haliey Welch, an internet personality known as the “Hawk Tuah Girl,” has announced that she is “fully cooperating” with attorneys representing individuals affected by the recent crash of the cryptocurrency $HAWK. This digital coin, which Welch helped launch earlier this month and is inspired by her viral catchphrase, saw its price dramatically fall just hours after its launch, leading to allegations of scam-like behavior against Welch.
Investors in the $HAWK coin have filed a lawsuit against several parties, including the coin’s creators under the banner overHere Ltd., its founder Clinton So, and influencer Alex Larson Schultz. The lawsuit claims that the cryptocurrency was promoted and sold without proper registration with the SEC. Notably, Haliey Welch is not named as a defendant in the suit.
In a response posted on social media, Welch expressed her commitment to assist the legal team working on behalf of the affected investors. She acknowledged the seriousness of the situation and encouraged others to reach out to the law firm Burwick PLLC if they suffered losses.
The law firms involved, Burwick PLLC and Wolf Popper LLP, highlighted that the market cap of $HAWK skyrocketed to $491 million shortly after launching on December 4, only to plummet by more than 90%, leading to significant financial losses for many investors, particularly those new to cryptocurrency.
Welch gained popularity in the crypto space after building her brand through various channels, including merchandising and a podcast. Despite her prior skepticism about cryptocurrencies, attending conferences changed her perspective, leading her to view cryptocurrency as a way to engage with her audience.
Memecoins, like $HAWK, often experience high volatility, heavily influenced by social media trends. While some celebrities have faced scrutiny for promoting cryptocurrency without transparency, Welch has reportedly stated that neither she nor the team behind $HAWK sold any of their holdings following the initial launch.
Legal representatives emphasized that this incident reflects a broader issue where institutional greed leverages celebrity influence, sometimes to the detriment of everyday investors.
In summary, while the situation surrounding $HAWK has been tumultuous, it presents an opportunity for greater transparency and education within the cryptocurrency market. As more individuals enter the space, ensuring accountability for all parties involved may help safeguard against similar incidents in the future, promoting a more stable and informed trading environment.
Haliey Welch’s ongoing cooperation with legal efforts also highlights her intent to address investor concerns, potentially fostering trust and support among her followers during this challenging time.