Hawk Tuah lawsuit overview:
- Who: A group of crypto investors filed a lawsuit against Alex Larson Schultz overHere Limited, Clinton So and the Tuah The Moon Foundation.
- Why: The crypto investors claim “Hawk Tuah” personality Haliey Welch promotes an unregistered security.
- Where: The lawsuit was filed in New York federal court.
A group of individuals who lost money after investing in a crypto token promoted by “Hawk Tuah” girl Haliey Welch argue the so-called memecoin was offered and sold to the public as an unregistered security.
The investors claim the crypto coin, dubbed the $HAWK token, exhibits all the characteristics of an unregistered security under established legal precedent.
“The marketing campaign, led by defendants, created a reasonable expectation of profits among investors through statements like ‘Tuah to the Moon’ and promises of redefining the crypto space,” the Hawk Tuah lawsuit says.
Investors argue the $HAWK token experienced significant volatility after launching on the Solana blockchain Dec. 4, surging to a $491 million market cap within hours prior to plummeting more than 90%.
“The rapid decline in the token’s value caused substantial damages to investors who relied on Welch’s participation and the project’s stated roadmap,” the Hawk Tuah lawsuit says.
Hawk Tuah crypto investors argue they lost in excess of $151,000
The group argues the defendants, Alex Larson Schultz, web3 developer overHere Limited and Clinton So, promoted the $HAWK token by leveraging Welch’s “extensive social media following” to market the coin as a groundbreaking cryptocurrency project.
The Tuah The Moon Foundation, which the lawsuit argues received funds from the sale of the $HAWK token, is also named as a defendant. Notably, Welch is not named as a defendant in the complaint.
The group argues they suffered collective losses in excess of $151,000 due to their investment in the $HAWK token. They claim the defendants violated two sections of the Securities Act and demand a jury trial and request an award of rescissory damages.
In past news involving a public figure and cryptocurrency, Jimmy Butler, a Miami Heat basketball player, and crypto influencer Ben Armstrong agreed to pay $340,000 in August 2024 over claims they promoted unregistered securities on the Binance crypto exchange.
Were you financially injured after purchasing the Hawk Tuah crypto? Let us know in the comments.
The plaintiffs are represented by Chet B. Waldman, Matthew Insley-Pruitt and Terrence Zhang of Wolf Popper LLP and Max Burwick of Burwick Law, PLLC.
The Hawk Tuah lawsuit is Albouni, et al. v. Alex Larson Schultz, et al., Case No. 1:24-cv-08650, in the U.S. District Court for the Eastern District of New York.
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18 thoughts onLawsuit alleges ‘Hawk Tuah’ crypto not registered as security
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I recommend anyone who lost money in crypto to simply report to the right authority, the Interpol darknet and cryptocurrency task force might be able to help you. Go through ForexFraudTeam com, that’s the internet security and recovery company that helped me out with my case. My company’s funds which I invested in a scam website were hacked and eventually retrieved for me by phillip at Forexfraudteam com.
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