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HAWK Memecoin CrashCoinGape
•Business
Business & Economics
63% Informative
HAWK memecoin crashed over 90% on launch day, wiping out millions in value.
Investors are suing the creators, alleging a rug pull and unlawful promotion of the token.
Hailey Welch , the meme 's namesake, is accused of using her fame to hype the coin, but denies wrongdoing.
The lawsuit lists several defendants, including Tuah The Moon Foundation , which allegedly controlled the token sale proceeds.
The defendants will be given the opportunity to answer the complaint and are likely to file a motion for summary judgment in their favor.
The plaintiffs have requested a jury trial, which, if granted, would mean that a jury would determine damages if the lawsuit is successful.
Forster also said Welch holds 10% of the HAWK memecoin supply but is contractually unable to sell her share for a year .
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