Investors have filed a lawsuit against the creators and promoters of the 'Hawk Tuah' memecoin, claiming it was an unregistered security that led to significant financial losses. The lawsuit, filed in the US District Court for the Eastern District of New York, targets Tuah The Moon Foundation, overHere Ltd, founder Clinton So, and influencer Alex Larson Schultz. The token's value plummeted by 90%, resulting in over $151,000 in losses for investors. The memecoin, inspired by Haliey Welch, leveraged her internet fame to attract investors through pre-sale campaigns and discounted offerings. Despite attempts to evade US securities laws, the creators allegedly failed to restrict sales to US investors. The collapse of the HAWK token, following a rapid market cap surge and subsequent crash, mirrors other failed celebrity-related memecoins this year, highlighting the risks associated with such investments. Read more AI-generated news on: https://app.chaingpt.org/news