Investors File Lawsuit Against HAWK Memecoin Creators Following Dramatic Value Drop – BitRss

On December 4, the same day HAWK memecoin launched, its value plummeted by over 95%. This significant loss prompted individuals and institutions associated with the cryptocurrency to file lawsuits against Hailey Welch, the project’s creator. The investors claim that they suffered damages due to the illegal promotion and sale of the HAWK token without prior registration.

HAWK Experiences Major Collapse

The Burwick Law firm, representing the investors, filed a lawsuit in a U.S. federal court against the founders of HAWK memecoin. The filing alleges that the plaintiffs sustained losses as a result of the token’s unlawful marketing. Victims of this incident pointed out that the token was offered to the public without proper registration, constituting a violation of legal regulations.

Following the launch of HAWK memecoin, its price rapidly decreased, revealing that wallets holding 96% of the token supply had sold off their assets. This situation incited outrage among investors, leading to increased suspicions that the event was a fraudulent scheme.

Hailey Welch Defends Her Project

Hailey Welch defended the HAWK project, stating it is not merely a fundraising effort. In a sta…