Haliey Welch, famous for her “Hawk Tuah” viral interview TikTok video, has spoken out following the rapid rise and fall of the Hawk Tuah (HAWK) meme coin. Since its launch on December 4, the token’s market cap has increased rapidly to $500 million before going down by 90%, leading to accusations of a rug pull. Welch has addressed the situation and is cooperating with legal actions filed by affected investors.
The Rise of Hawk Tuah Token
The HAWK token’s dramatic price fluctuation raised suspicions of foul play. In the first hours since its launch, the community found that one wallet sold up a significant portion of the token’s supply, netting a huge profit. However, many investors saw their holdings lose value, which led to the fears of a rug pull. In reply to the concern from the community, Welch has emphasized her commitment to assisting legal efforts to resolve and clear the accusation.
Read more: Study: 76% of Twitter Influencers Promote Dead Memecoins
Welch’s Response
In her public statement, Welch confirmed her full cooperation with attorneys representing the token’s investors. Although she has not been named as a defendant, the lawsuit alleges violations related to the unregistered sale of securities. Regarding the legal consequences, it still remains unclear from the U.S. Securities and Exchange Commission (SEC) decisions.
Conclusion
If you are a cryptocurrency lover, you will find this normal as this is not the first case that happened before. Memecoin is now still a gray area regarding the regulation from governments to control the risks related to meme-driven tokens and protect retail investors.
