U.S. rapper T.I., also known as T.I.P., is being sued for $5 million by a group of people after his FLiK token has reportedly failed. Just like Floyd Mayweather and DJ Khaled, T.I. has been accused of defrauding cryptocurrency investors, as he gets sued for it.
The crypto was called FLiK Token and it was created in August 2017 by T.I. and ATL businessman Ryan Felton. The pissed off investors say the opening price was 6 cents per token, but Felton said it would be worth $14.99 within 15 months, that is around 25,000% increase!!!
According to TMZ, there are about 24 plaintiffs claiming that the tokens initially pumped from 6¢ to 21¢. However, fast forward to August of this year and FLiK tokens are worth less than a penny each.
However, the group continues, T.I. and Felton defrauded them by using the money raised to drive the token’s price up, and when the prices fell down, they dumped the FLiK and disappeared. According to the lawsuit, Felton even created a new company, stating it had acquired FLiK and telling investors he had nothing to do with it.
They claimed that T.I. and Felton gave the impression that Kevin Hart was going to be the new face of the company and even announced that he’d be brought on to FLiK as an owner of the business.
They also said, “Felton explained that the devaluation was caused, at least in part, because of T.I. had given FLiK tokens to members of his family and friends who had sold massive amounts on coinexchange.com which has caused a rapid devaluation of the token.”