Haliey Welch's HAWK memecoin launch sparks outrage, legal concerns

The launch of influencer Haliey Welch's HAWK memecoin on Dec. 4 saw its market cap soar to $490 million before crashing 91% in three hours, Cointelegraph reported. Allegations of insider trading and sniping surfaced, with reports showing 80%-90% of the supply controlled by insider wallets. Welch denied any insider sales, stating measures were taken to prevent sniping. The controversial launch has led to legal concerns, such as wire fraud and money laundering, if evidence of intentional fraud is found, with users filing complaints with the U.S. SEC and law firms offering services to those who lost money.