Haliey Welch Denies HAWK Memecoin Creation in Lawsuit, Pledges Full Cooperation

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As a seasoned crypto investor with over a decade of experience in this volatile market, I must say that the situation surrounding Haliey Welch and the HAWK memecoin is a classic case of “buyer beware.

Halley Welch, leading actress from ‘Hawk Tuah’, has broken her silence following a lawsuit filed against her group last Thursday, concerning the matter of the HAWK memecoin.

Through a post on her social platform, she expressed deep concern and emphasized her dedication to engaging with her followers, helping the injured investors, and contributing to the larger public.

Beyond doubt, she reinforced her complete collaboration with the legal group advocating for the affected parties and her unwavering dedication to honesty, responsibility of the culpable parties, and swift resolution of the issue at hand.

Haliey Welch Faces HAWK Memecoin Lawsuit, Denies Creation

Haliey Welch, who plays the lead role in ‘Hawk Tuah’, has spoken up after a legal action was taken against her team concerning the matter involving the HAWK memecoin.

On Twitter/X, Welch voiced deep worry about the current predicament and firm resolve to rectify problems associated with her project’s debut.

As a dedicated researcher, I feel it’s crucial to communicate openly about a serious matter that has recently transpired. I want to speak directly to my fans, investors who have been affected, and the wider community. Rest assured, I am fully cooperating with the legal team representing those impacted, and I remain committed to helping unravel the details of this situation.

— Haliey Welch (@HalieyWelchX) December 20, 2024

She underscored her dedication to following through on this matter alongside her dedicated fans, investors, and the community as a whole. Welch clarified that she is fully cooperating with legal advisors for those impacted. Furthermore, she expressed her desire to expose the truth, ensure justice for those culpable, and ultimately find a resolution.

Individuals who suffered a loss of approximately $151,000 due to their investment in the HAWK memecoin, have initiated a legal action by filing a complaint in the United States District Court, Southern District of New York.

HAWK Memecoin Crashes 95% After Launch, Investors Sue Creators for Fraud

The lawsuit alleges that the Hawk Tuah team failed to properly register the memecoin in accordance with law. The Cayman Island-based sellers and promoters have allegedly taken advantage of 22-year-old Welch. They mislead investors by touting the cryptocurrency as a registered security.

Complaint defendants include the Tuah The Moon Foundation, along with business partner overHere and its founder Clinton So. Representing the HAWK team is Alexander Larson Shultz who goes by “Doc Hollywood”. Shultz allegedly has ties to Canadian comic Howie Mandel. His role in the deceptive peddling of the coin was listed within the complaint.

Initially, Hayley Welch wasn’t involved in the lawsuit, but she has chosen to voice her thoughts. On platform X, Welch shared her concerns, saying: “I consider this situation of utmost importance and wish to communicate with my fans, the affected investors, and the wider community. I am actively collaborating with and fully devoted to aiding the legal team working on behalf of those impacted, as well as helping to reveal the truth, bring the culprits to justice, and settle this matter.

In just minutes after its debut on December 4th, the HAWK meme token soared to nearly a half-billion dollars in market capitalization. Yet, within those same moments, it plummeted an astounding 95%, resulting in substantial financial setbacks for investors.

The lawsuit alleges that the team raised almost $2.8M in a presale at a valuation of $16.69M before launch.

OverHere Blames “Doc Hollywood” for Crypto Chaos

On the day after the turbulent launch of the HAWK, the founder of OverHere rebranded the Tuah Foundation as an offshore organization. Subsequently, he liquidated 17% of the token supply through this foundation. The initial investors quickly offloaded most of their newly acquired shares once they had purchased them.

The lawsuit claims that sellers kept selling about 83% of the remaining stock, without informing buyers that these tokens fell outside the legal boundaries of the United States. It is alleged in the lawsuit that this project deliberately took advantage of the U.S. market.

The close association between the rise of influencer-like Welch and the HAWK Token is undeniable, as token holders essentially participate in the profits or become shareholders, claim investors. However, even though it was clearly identified as a security, Defendants neglected to register the HAWK Token for sale.

An overHere spokesperson said:

Throughout the Hawk Tuah token project, we’ve been completely open about the narrow boundaries and extent of our participation. We are certain that no improprieties occurred on our part.

OverHere has strongly criticized Shultz, asserting that Doc Hollywood is responsible for the crypto turmoil. The company denies any role in misconduct. It accuses Shultz of making all token and fee decisions unilaterally. Transparency was allegedly disregarded, and trading fees were not paid to the company as required.

OverHere performed work for the HAWK project gratis and informally. Conversely, Doc’s silence has led to a loss of trust within the budding Hawk Tuah community. Moreover, the company contests Doc’s assertion of 18 employees, stating that they actually have four developers on staff.

The company stated:

“Haliey Welch, we need your team to take charge on this project. Meanwhile, Doc needs to relinquish his position, and a thorough financial review of our resources is necessary. Let me know when you are ready to proceed.

37-year-old Doc Hollywood, a successful musician from LA with many popular hits, ventured into the realm of cryptocurrency by teaming up with OverHere for business purposes. During this journey, he also guided someone named Welch. Howie Mandel’s son-in-law, Shultz, discussed Bitcoin and cryptocurrencies on Mandel’s show, titled “Howie Mandel Does Stuff”.

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2024-12-20 19:44