T.I. Is Reportedly Sued For $5 Million Following A Failed Cryptocurrency Business
Lots of rappers have tried to launch their very own cryptocurrency during the past few years. T.I. is one of them. He launched FLiK Token back in 2017.
The business venture has not been working too well, and Tip and his business partner are now being sued by a group of 25 investors who claimed they invested $1.3 million in the crypto venture, according to Hot New Hip Hop.
The investors said that Tip and his partner Ryan Felton have used 'social media celebrity endorsements, and well-known industry experts to create the false impression that FLiK Tokens were a valuable liquid investment.'
They also claimed that Tip and Felton gave the impression that Kevin Hart was going to be the new face of the company and they had even announced that he had previously been welcomed on board as an owner of the crypto business as well.
It seems that the lawsuit alleged that they surged the price of the token after they got the money from investors and then they dumped the coins and vanished.
'Felton explained that the devaluation was caused, at least in part, because T.I. had given FLiK tokens to members of his family and friends who had sold massive amounts on coinexchange.com causing rapid devaluation,' they also said according to Hot New Hip Hop.
Now, Tip and his partner are sued for $5 million in damages.