Rapper T.I. being sued for $5 million over his failed cryptocurrency

02 Nov, 2018
by Richard Allen
News
Rapper T.I. being sued for $5 million over his failed cryptocurrency

T.I. is being taken to court and sued by investors of his cryptocurrency, who accuse the rapper of promoting a scam designed to make him rich, according to TMZ.

Created in 2017 with business partner Ryan Felton, the crypto called FLiK originally cost 6¢ a piece, but investors were promised that within 15 months, one token would be worth more than $14, an increase of over 25,000%.

There are allegedly 24 plaintiffs that say the tokens were originally pumped from 6¢ to 21¢. But by August this year, each token was worth less than a penny.

According to the investors, the result of the failed project has cost them over $2 million. The group has stated that the coins are virtually useless, and their attorney has filed a lawsuit against T.I and Felton for at least $5 million.

Fellow hip-hop artist Soulja Boy recently sang the praises of Bitcoin and Litecoin on his latest album. Additionally, the Wu-Tang Clan is releasing a cryptocurrency in honor of the late founding member Ol’ Dirty Bastard.

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