According to stories, a gaggle of 25 traders have filed a lawsuit towards T.I. and a businessman for his or her involvement in a fraudulent cryptocurrency scheme.
Rapper T.I. and businessman Ryan Felton now face a lawsuit from a collective of 25 traders who mentioned the duo peddled a digital currency that was a get-rich-quick scheme.
According to TMZ, the rapper and businessman got here up with a digital forex referred to as FLiK Token in August 2017.
Investors mentioned they had been satisfied to pour $1.three million into the cryptocurrency, with a token value of six cents every.
Felton reportedly informed traders the digital forex would have a value of $14.99 inside 15 months.
Multiple plaintiffs mentioned the token value jumped from 6 to 21 cents, however crashed downward to lower than a penny every by August 2018.
An Elaborate Scheme
The lawsuit advised the 2 boosted the token value with investor money.
When requested about why the worth plummeted, Felton reportedly mentioned the lower got here after T.I. gave tokens to household and pals, who then offered them in mass quantities.
Investors mentioned Felton overestimated the providing by claiming huge traders had been behind the token, and allegedly hinted billionaire Mark Cuban was getting concerned.
Felton can also be accused of making a brand new firm that acquired FLiK, after which denied being related to it.
Actor Kevin Hart promoted FLiK on social media, however he’s not concerned within the lawsuit, which is in search of at the very least $5 million from T.I. and Felton.
I’m Super Excited for @Tip and his new enterprise with @TheFlikIO! They’re gonna crush it! #initial coin offering #blockchain #crypto #bitcoin pic.twitter.com/ElGhmDWopj
— Kevin Hart (@KevinHart4real) September 16, 2017
Cryptocurrency a Popular Topic For Rappers
Cryptocurrencies, for higher or for worse, appear to have discovered a house within the rap neighborhood.
Back in February, rapper ‘Nipsey Hussle’ expressed nice promise for cryptocurrency and blockchain. He mentioned the “real boom” would happen as soon as retail “accepts it as a form of payment.”
The rapper, who began investing in Bitcoin again in 2013, in contrast blockchain to the web by way of its revolutionary standing within the know-how discipline.
Soujla Boy expressed his love for cryptocurrencies on his new album “Young Drako,” and titled one of many tracks “Bitcoin.” In the music, he indicated he has Bitcoin and Litecoin, digital currencies which can be “my favorite ones.”
Another rapper, ‘The Game,’ has not had as a lot luck with regards to the world of cryptocurrency.
Bitcoinist reported in September how his backed mission, Paragon, had misplaced 96% of its market capitalization.
The concept of the mission was to make the most of blockchain to hash out legality points associated to hashish within the United States.
What do you concentrate on the lawsuit involving T.I.? Let us know within the feedback!
Images courtesy of Twitter (@Tip), Bitcoinist archives
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