Hawk Tuah Girl addresses cryptocurrency lawsuit backlash

WEB DESK: Haily Welch, famously known as the infamous “Hawk Tuah Girl”, finally spoke up following the cryptocurrency lawsuit backlash.

Her memecoin, $HAWK, recently crashed, leading to several angered investors filing a lawsuit against the creators of the cryptocurrency.

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The lawsuit was filed in a court in the New York, United States. It accuses the “Tuah The Moon Foundation” company’s founder and an influencer, Alex Larson Schultz, of fraud.

In the lawsuit, the investors claim they lost over $151,000 shortly after the value of $HAWK dropped by more than 90 per cent following its launch on December 4.

Although the Hawk Tuah Girl is not named as the defendant, she stated on social media that she is cooperating with the legal team representing the victims.

According to reports, she was paid as much as $125,000 for endorsing the memecoin.

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The American expressed her desire to ‘help’ uncover the truth and hold those responsible ‘accountable’.

The lawsuit claims that the defendants did not register the $HAWK token as security, even though it should have been classified as such.

It also alleges that they took advantage of the Hawk Tuah Girl’s fame to promote the cryptocurrency, which initially had a market value of $491 million.

A spokesperson defended the respondent company, claiming that they acted ‘transparently’ and did not  do anything wrong.

Since the Hawk Tuah Girl associated cryptocurrency crashed, the blonde has stayed out of public’s eye. She also reduced all online activities across her social media handles.

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Memcoins are cryptocurrencies that often gain popularity through social media. They differ from traditional cryptocurrencies such as Bitcoin, as they are often created based on internet memes.

Bitcoin was created as a decentralised currency to replace traditional money (fiat currency). The cryptocurrency has gone on to become synonymous with the word “cryptocurrency” itself, as it is generally seen as a legitimate and (somewhat) secure investment option with perceived market value.

Meanwhile, most memecoins are volatile as their value is driven more by its ‘viral’ value and social media trends than based on any utility. It also lacks a proper established platform with a driven community and ‘development’ efforts.