In a dramatic turn of events, social media influencer Haliey Welch, known as the "Hawk Tuah Girl," faces potential legal challenges over her cryptocurrency venture HAWK, which saw a catastrophic decline shortly after launch.
The meme coin trader loses to a market cap of $500 million before plummeting 88% to $60 million within 24 hours. The rapid collapse has prompted law firms to investigate possible legal action against Welch and her team.
A prominent law firm recently announced on social media platform X that they are gathering investors who lost money in the HAWK cryptocurrency crash. The firm, which represents thousands of NFT and token investors in securities matters, is exploring potential legal remedies for affected parties.
The 22-year-old internet personality's venture into cryptocurrency raised eyebrows when her manager, Jonnie Forster, discussed their approach to avoiding securities laws while "tokenizing" Welch's fan base. Despite Welch's claims that the coin was "not just a cash grab," critics are now accusing her team of orchestrating a "pump and dump" scheme.
According to cryptocurrency exchange Coinbase, meme coins are considered highly volatile investments. HAWK's dramatic value decrease of $440 million in its first 20 minutes has led to widespread criticism and scrutiny of Welch's role in the project.
The controversy marks a stark contrast to Welch's meteoric rise to fame, which saw her amass a reported net worth of $200,000 through various media opportunities. As legal proceedings loom, the future of both the HAWK cryptocurrency and its creator's reputation hangs in the balance.