Hawk Tuah Hailey Welch sued over $50m meme coin debacle

by

As a seasoned crypto investor with over two decades of experience under my belt, I must say that the latest debacle surrounding Hailey Welch and the Hawk Tuah Solana meme coin has left me feeling more than a little jaded.

Hailey Welch, famous for the “Hawk Tuah” interview, is being sued due to financial losses experienced by investors from a flawed release of a meme coin connected with her on the Solana platform.

The “Hawk Tuah girl” might have to talk tuah a judge whenever she finally wakes up.

A U.S. law firm named Burwick Law has initiated a federal legal action against Hailey Welch and three others associated with the unsuccessful Hawk Tuah Solana meme token, which was introduced around early December.

Burwick Law filed a federal lawsuit on behalf of investors in the HAWK TUAH memecoin, $HAWK.

Learn more below.

— Burwick Law (@BurwickLaw) December 19, 2024

After gaining significant recognition as a social media influencer following a viral interview about private relationships, Welch later collaborated with Tuah the Moon Foundation, OverHere Limited, Clinton So, and Alex Larson Schultz (also known as Doc Hollywood) to launch a meme coin based on her well-known “Hawk Tuah” catchphrase.

Similar to numerous high-profile Solana (SOL) launches, the value of HAWK soared dramatically upon its release, reaching an impressive market capitalization of $500 million. However, within mere minutes, the token plummeted a staggering 90%, dropping below $50 million. By the time of publication, the token was trading at a market cap of less than $8 million.

It was soon uncovered by angry investors and data suppliers that the HAWK token was heavily concentrated, with team wallets believed to be connected to Welch and other key figures holding an overwhelming 96% of the coin’s total amount.

A fresh peak was hit in the dispute as it was found that these wallets had offloaded significant quantities of HAWK’s stock, a revelation contradicting Welch’s assertion that she and her group were yet to sell.

As an analyst, I’m advising that if you’re a HAWK buyer, it would be beneficial to file a formal complaint with Burwick Law, given the disputed circumstances we find ourselves in. Burwick has filed a lawsuit against four defendants: Welch, OverHere, So, and Doc Hollywood, while also representing 12 U.S. residents as plaintiffs who collectively experienced losses of $151,000. It’s important to note that Burwick Law has previously taken legal action against several celebrities for their involvement in meme coins that are alleged to have turned into exit scams and rug pulls.

Two days prior to the filing of the federal lawsuit on December 17th, OverHere shifted the responsibility towards Doc Hollywood, asserting that the entity had generated no profits during the launch.

OverHere acknowledged that keeping quiet was a misstep and emphasized they placed their trust in the incorrect business associates. Meanwhile, it appears that Doc Hollywood has secured his X account following the social media controversy and seems to be laying low.

1/ Our Startup’s Vision: Developing Airdrop Technology for Web2 Enthusiasts, Complimentary to Us

— overHere (@overHere_gg) December 16, 2024

For over a week now, it’s been reported that Hawk Tuah girl, known as Welch, has gone missing after her appearance at a live X Spaces event on Dec. 5. Her efforts to clear up rumors about a possible rug pull have met with frustration from upset buyers who are demanding explanations.

After his statement, I decided it was time to catch some rest and see everyone the next day. Two weeks have passed since then, and despite my attempts to reach out, Welch has yet to respond or make herself available for comments.

Read More

2024-12-19 22:26