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A group of investors sued the rapper for securities fraud after paying over $ 1.3 million dollars in the now useless token, according to The Blast report.
The group claims that the rapper is a man named Ryan Felton – a self-proclaimed "agent of things" according to his twitter – used "social media, celebrity testimonials and well-known industry experts to create the false impression that FLiK tokens were a valuable liquid investment."
YOU. and Felton used the $ 1.3 million investment to accumulate the price of their token. The group claims that T.I then gave a large number of tokens to his family which, as would be expected, continued to sell huge amounts of it, essentially by downloading the online token. When prices inevitably collapsed, the rapper and Felton vanished.
To go further, it was also reported that Felton had created a new fake company in an increasingly cartoon effort to cover his tracks. He used the "company" to tell investors that they had acquired FLiK and that the man named Ryan Felton had absolutely nothing to do with what had happened.
This plot seems to have failed, as investors are now suing T.I. and Felton with the sum of $ 5 million for securities fraud. T. I's lawyer has not yet responded to requests for comment.
The FLiK token was created in September 2017 and actively supported by actor Kevin Hart:
I'm super excited for @Tip and his new adventure with @TheFlikIO! They will crush it! #ICO #blockchain #crypto #bitcoin pic.twitter.com/ElGhmDWopj
– Kevin Hart (@ KevinHart4real) September 16th 2017
This is not the first example of a celebrity that is involved with cryptocurrency and it is certainly not the first time that ends badly. The famous boxer, Floyd Mayweather, engaged with an Initial Coin Offering (ICO), which was later accused of fraud. Celebrity, Paris Hilton, approved a token created by Gurbasksh Chahal – a man charged with 47 crimes for beating his girlfriend at the camera.
However, it is not always oil and fire when it comes to celebrities and crypts. Johnny Depp recently collaborated with TaTaTu, a blockchain-based social entertainment platform, to produce film and digital content.
We hope that Depp can escape the current trends of the celebrities involved in the cryptocurrency scam projects.
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