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Former Valkyrie CIO and co-founder Steven McClurg explores the Trump administration’s impact on cryptocurrency in “The Claman Countdown.”
The group behind the meme currency named after viral ‘Hawk Tuah Girl’ Hailey Welch has been hit with a lawsuit from investors after the $HAWK coin crashed within hours of its launch.
The complaint filed Thursday in New York accuses Tuah The Moon Foundation; overHere Ltd and founder Clinton So; and influencer Alex Larson Schulz, known as “Doc Hollywood,” of illegally selling and promoting the currency, which was allegedly not a registered security, according to The New York Post.
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Representation of cryptocurrencies is seen in this illustrative photo taken in Krakow, Poland on November 14, 2022. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)
Welch was not named in the lawsuit, and on Friday she addressed the situation on social media.
“I take this situation very seriously and want to reach out to my fans, the investors who were affected, and the community at large,” he wrote to X. “I am fully cooperating and committed to assisting the legal team that represents the people affected, as well as to help uncover the truth, hold responsible parties accountable and resolve this matter.”
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Welch directed anyone who suffered losses from the $HAWK currency to contact Burwick Law Firm.
Haliey Welch appears at SiriusXM Studios in Los Angeles on July 31st. (Michael Tullberg/Getty Images/Getty Images)
$HAWK was released on December 5th and Welch promoted it to his social media followers. The meme coin quickly rose to a market cap of $490 million, before plummeting to just $41.7 million in valuation within hours.
Haliey Welch appears at SiriusXM Studios in Los Angeles on July 31st. (Michael Tullberg/Getty Images/Getty Images)
Welch told Fortune at the time that Hawk was not supposed to be a “cash grabber.”
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The 22-year-old celebrity of the night he said that while he used to see cryptocurrency as a scam, he changed his mind because it’s a “fun way to get my fans to interact.”
Scott Thompson of FOX Sports contributed to this report.
