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Former CIO and Valkyrie co-founder Steven McClurg discusses the Trump administration’s impact on cryptocurrencies in ‘The Claman Countdown’.
The group behind the meme coin named after viral “Hawk Tuah Girl” Hailey Welch has been hit with a lawsuit of investors after the $HAWK coin collapsed within hours of its launch.
The complaint filed in New York on Thursday accuses the 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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In this illustrative photograph taken in Krakow, Poland, on November 14, 2022, the representation of cryptocurrencies is seen. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)
Welch was not named in the lawsuit and addressed the situation on social media on Friday.
“I take this situation very seriously and want to address my fans, the investors who have been affected, and the community at large,” he wrote on X. “I am fully cooperating and committed to assisting the legal team representing the affected people”. , as well as help uncover the truth, hold those responsible accountable, and resolve this matter.”
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Welch directed anyone suffering losses from the $HAWK coin to contact the Burwick law firm.
Haliey Welch appears at SiriusXM Studios in Los Angeles on July 31. (Michael Tullberg/Getty Images/Getty Images)
$HAWK was released on December 5, and Welch promoted it to his followers on social media. The meme coin quickly reached a market capitalization 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 31. (Michael Tullberg/Getty Images/Getty Images)
Welch told Fortune at the time that Hawk wasn’t meant to be a “cash grabber.”
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He 22-Year-Old Overnight Celebrity He said that while he used to view cryptocurrency as a scam, he changed his mind because it’s a “fun way to get my fans to interact.”
FOX Sports’ Scott Thompson contributed to this report.
