On December 19, investors filed a lawsuit against several entities involved in the launch of the Hawk Tuah (HAWK) memecoin, alleging that the defendants engaged in the promotion and sale of an unregistered security.
According to the legal filing, the defendants listed include Tuah The Moon Foundation, OverHere Ltd, Clinton So, and Alex Larson Schultz – individuals and organizations that are alleged to have actively promoted the memecoin. Attorneys representing the plaintiffs stated:
“The pre-launch marketing campaign not only positioned HAWK as an attractive speculative asset, but also established it as a cultural movement with strong growth potential. Haliey Welch’s involvement, coupled with her strong reputation as a trusted public figure, instilled confidence in the community and potential investors that the project would be a huge success.”
Hawk Tuah (HAWK) Volatility
Hawk Tuah officially launched on December 4 with a market capitalization of around $16.6 million. After its launch, the coin’s value skyrocketed, and within three hours, the market capitalization peaked at $491 million. However, the value quickly plummeted shortly after, dropping to around $41.7 million.
The dramatic price movement has sparked criticism from investors on social media, with many saying it is a classic example of a “pump-and-dump” strategy – pushing prices up to profit before they collapse.
Following HAWK's sharp decline, several investors filed complaints with the U.S. Securities and Exchange Commission (SEC) and urged others to do the same.
Haliey Welch, a social media influencer and poster girl for the memecoin, has denied any allegations of insider trading by her or her team.
Reaction from YouTuber Coffeezilla
Popular YouTuber “Coffeezilla” took to social media to debunk rumors surrounding Hawk Tuah’s debut.
Coffeezilla argues that the memecoin launch was not a “rug pull.” Instead, he claims that Welch’s team pre-sold a large amount of tokens to “strategic advisors,” who then dumped the memecoin early.
Coffeezilla also stressed that allegations of a $500 million scam or Welch profiting $50 million from the token launch are false and overstated.
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