$5 Million Lawsuit: Famous Rapper T.I Is Being Sued After His Token Failed

Popular US rapper T.I hits the breaking crypto news today for being sued by a group of people for $5 million after his FLiK token failed.

According to the court documents, the group that filed a lawsuit against the rapper, claims to have invested around $1.3 million in what is now ‘’worthless securities-FLiK tokens’’ initially promoted by T.I and Ryan Felton who is T.I’s business partner. The group says that the token was heavily endorsed on every social media platform by the celebrity and other ‘’experts’’ just so they could create a false impression of a valuable asset.

To continue, the group strongly believes that both T.I and Ryan Felton defrauded them by falsely raising the token’s price up when they obtained the money from the group. After the prices fell down, allegedly both of the partners dumped the FLiK and vanished.

According to the lawsuit, Felton managed to create e new company and told investors that he had nothing to do with the token issuing. For this reason, the plaintiffs want to receive $5 minimum in damages from both T.I and Felton. The lawyer for the popular rapper hasn’t responded to the request yet.

The FLiK token was announced last year in September and was strongly supported by another US celebrity Kevin Hart, Mark Cuban-the owner of NBA’s Dallas Mavericks and other celebrities as well. On October 17 the coin traded at 21 cents but later slowly declined to $0.0001.

It’s not uncommon for celebrities to get involved in crypto-related activities but not always their promotions are successful or rightful. For example, Floyd Mayweather engaged in an ICO naming himself as Floyd ‘’Crypto’’ Mayweather.