Law Firm Files Federal Suit on Behalf of Investors Who Bought Haliey Welch’s Ill-Fated HAWK Memecoin
Investors who bought the token that “Hawk Tuah” meme star Haliey Welch launched earlier this month are taking legal action against the people behind the project. The price of Welch’s Solana (SOL)-based memecoin HAWK surged shortly after it went live earlier this month, but the token lost more than 95% of its value a few hours later, leading to accusations of a pump-and-dump scheme. A pump-and-dump scheme is a fraudulent practice in crypto that involves artificially inflating the price of a low-value token through hype and misrepresentation. Once the price of the coin goes up, those behind the scheme sell their holdings at a high price, crashing the price of the token. In a post on social media platform X, New York-based Burwick Law says it just filed a federal lawsuit on behalf of investors who bought the HAWK token. “This case involves claims related to investor protections under federal law and the HAWK TUAH memecoin HAWK launched on December 4, 2024.” A...