In a dramatic turn of events, the cryptocurrency company involving Hawk Tuah Girl, Welch and her partners, are now locked up in courts fight over a pump-and-dump scheme in which they allegedly cheated investors of their $HAWK coins. The whole affair has not only affected those who own that coin at all, but also set off widespread conjecture about Welch’s participation in this project.
The Allegations: Pump-and-Dump Scheme
Welch’s colleagues, Alex Larson Schultz (aka “Doc Hollywood”) and Clinton So, whose platform over Here promoted the $HAWK issue, stand accused of engineering a pump-and-dump scheme. All three were present at a Spaces event on X (former Twitter) hosted by the team to challenge these allegations. Although Welch participated little in the discussion, Schultz and So denied every accusation.
The alleged scam involves wallets that held the majority of $HAWK tokens suddenly dumping these tokens in an orchestrated way, rendering other coin holders out of any value or money. The fallout moment occurred at Welch’s dropping off to take a rest, which became a social media meme.
Legal Cloud: Class Action Lawsuit
Two weeks after the event, Welch returned to X to confirm that a class action lawsuit had been filed. Although Schultz, So, over Here, and the Tuah the Moon Foundation are all being sued, Welch herself is not named as a defendant. The suit argues that defendants like Schultz and So used Welch ‘s fame to arouse expectations, reeling in cryptocommunity newcomers.
It has further expressed that Schultz and So did not register $HAWK with the SEC, a violation of securities law. They said so explicitly in the Spaces call that they were trying to skirt these regulations.
Welch’s Position
Welch said she is willing to cooperate with Burke Legal and would help them get to the truth. In her statement, Welch advised shareholders affected by this to contact Burwick Law for help.
Even though she is not one of the defendants, Welch’s involvement in promoting the token has caused questions. Reports show that she was paid US$125,000 upfront and promised half of the net trade proceeds, in addition to owning 10/1000 $HAWK in return.
The Current Situation and the Market Reaction
As the lawsuit grinds on, Welch is taking a stance that is away from this situation for her own protection. Some observers suggest she may have evidence proving her collaborators misled her, which would make the case against Schultz and So even stronger.
Curiously, Welch’s brief return to social media saw $HAWK ’s market cap reach over US$20 million-although its value now is only about a fiftieth of that at.002 us pick up. The incident illustrates the capricious nature of cryptocurrency markets and the forbidden fruit of high-risk investments.
What next for Welch?
At the level of influence, Welch’s career stands at a loss. While some believe she might be able to struggle back upwards, others cannot imagine how she would be well liked again. Just now, Welch’s silence on social media and lack of new podcasts suggest that she is making plans for meeting both the legal and the moral obstacles created by this whole $HAWK affair.
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