The team behind the meme coin HAWK has been sued by investors for allegedly violating securities laws

ChainCatcher news, the team behind the memecoin HAWK related to Haliey Welch or "Hawk Tuah Girl" has been sued by investors for allegedly violating securities laws.

The lawsuit filed in a New York federal court claims that HAWK's actions resemble unregistered securities, attracting first-time cryptocurrency investors who subsequently suffered "huge losses" after the token's decline. Twelve plaintiffs who invested in HAWK collectively incurred financial losses of $151,000 and are suing for a jury trial.