Rapper T.I. In Trouble As His Token fails – Rapper T.I., also popularly known as T.I.P, is not having the best of times and we are not talking about his career as a rapper. On the contrary, he is in trouble for launching a token of his own which reportedly has failed.
T.I. is being sued by a group of 25 people for $5 Million after his FLiK token failed.
As per the lawsuit, the group of people who are charging T.I. has invested around $1.3 Million and the tokens are now worth nothing.
This is not the first, or probably the last time, that celebrities get involved in introducing and promoting cryptocurrencies. Apart from T.I., another U.S. rapper, Ghostface Killah, a member of the renowned Wu-Tang Clan co-founded an Initial Coin Offering (ICO) that hoped to raise up to $30 million. However, his Cream Capital was later suspended “with no plans to hold the token sale in the future.”
Floyd Mayweather has also been engaged in an ICO and claimed himself to be “Floyd Crypto Mayweather.” That token, entitled ‘Centra’ was later charged for fraud by the SEC.
In a recent article, Nvest Weekly reported that Johnny Depp is also involved in a partnership with TaTaTu, a social entertainment platform on a blockchain backed by Cryptocurrencies.
Allegedly, T.I. was involved in promoting the token along with his partner Ryan Felton, by actively endorsing it on social media, both by celebrities and experts to create an impression of “a valuable liquid investment.”
How did T.I. use the money for fraud?
Rapper T.I. In Trouble As His Token fails-The group went on to say that T.I. and his partner used up the money to drive the token’s price up, and as soon as the prices fell, they abandoned the tokens and fled away. In the meanwhile, Felton created a new company claiming that it had acquired FLik and had nothing to do with the investors’ money.
However, the group that invested has asked the rapper to pay an amount of $5 Million as compensation.
FLik was introduced in September 2017 and was also supported by Kevin Hart on his Twitter account. Another famous celebrity involved in the campaign was the owner of the NBA’s Dallas Mavericks. Mark Cuban.
All eyes are on T.I. now as the rapper is amidst the chaos of fraudulent accusations.