Hailey Welch, best known as the “Hawk Tuah” girl, is in hot water as those involved in launching her cryptocurrency are facing a new lawsuit. The meme-coin she launched lost more than 95 percent of its value in a single day after it released, earlier this month. Lawyers for a group of investors taking legal action say the defendants “sold to the public without proper registration,” as caught by Newsweek. They’ve named the Tuah The Moon Foundation, OverHere Ltd, that company’s executive, Clinton So, as well as the meme-coin’s Los Angeles-based promoter, Alex Larson Schultz.
They write in their filing: “Through aggressive promotional campaigns and promises of future growth, Defendants created a speculative frenzy that caused the Token’s market value to spike shortly after launch, reaching a significant market capitalization. Defendants leveraged Welch’s celebrity status and connections to enhance the Token’s credibility and appeal, including discussing the $HAWK project during Welch’s podcasts featuring notable guests.”
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“Defendants leveraged the extensive social media following of Hailey Welch, a prominent social media personality known as the ‘Hawk Tuah Girl,’ to market the Token as a groundbreaking cryptocurrency project,” the filing continues. “Many of the investors were first-time cryptocurrency participants drawn to the project through Welch’s involvement. The rapid decline in the Token’s value caused substantial damages to investors who relied on Welch’s participation and the project’s stated road map.”
Hailey Welch blew up online after using the phrase, “hawk tuah,” during a viral YouTube interview. In the time since, she launched her own podcast, Talk Tuah, which has featured numerous celebrity guests, including Wiz Khalifa.
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