Another rapper sued for alleged fraud related to crypto, interest in hip-hop grows

The rapper known as T.I was reportedly sued for involvement in a cryptocurrency chip scam that left investors exhausted.

Rapper T.I. Accused of defrauding investors in crypto

According to celebrity gossip TMZ, rapper T.I., whose real name is Clifford Joseph Harris Jr. was sued for $ 5 million by a group of 25 people claiming that the hip-hop star was peddling a cryptocurrency token that eventually turned out to be fraudulent.

The 25 individual investors say they have invested more than $ 1.3 million in a pump and landfill program run by the rapper and his business colleague, Ryan Felton.

T.I. and Felton are supposed to have used "social media, celebrity endorsements and industry-leading experts to create the false impression that FLiK Tokens was a valuable liquid investment."

The two men had incorrectly claimed that actor Kevin Hart would join the project as the face of the company and as "owner". However, this claim has proved false, misleading those who were considering investing in the FLiK token. Mark Cuban was another name, Felton suggesting that the "Shark" and the owner of Dallas Maverick himself had invested in the project.

The lawsuit claims that T.I had used investor funds to raise the price of the FLiK token, and as soon as that happened, T.I. and Felton began selling their assets, causing the price to fall. Felton attempted to make the devaluation responsible for T.I. hand over the cryptocurrency tokens to the family members, who had begun to withdraw when the price increased. According to CoinMarketCap's price data, FLiK reached a record of $ 0.21 on October 17, 2018. The price of FLiK chips is now 0.0009 USD, which represents a significant drop.

The two artists join Floyd Mayweather and another hip-hop producer, DJ Khaled, to add to the growing list of celebrities pursued for endorsing fraudulent crypto-currencies.

Rappers are passionate about crypto

From the golden chains around Run DMC's neck to the "grillz" of Lil & Wayne, rappers have always loved their precious metals like platinum and gold – and now, this love is spreading into "digital gold" with a growing number interest in cryptocurrencies.

It's not that T.I. and DJ Khaled found themselves involved in cryptocurrency tokens. The son of the late Wu-Tang member, Ol 'Dirty Bastard, is due to launch ODB Coin, formerly known as Dirty Coin. Young Dirty, as he knows, is working with AltMarket to launch ODB Coin as "a commodity, like a t-shirt, making it a commodity," according to Bryce Weiner, CEO of AltMarket.

Besides the fact that rappers engage in cryptocurrency projects and even launch their own crypto-currencies, crypto-currencies have an upward trend, like Bitcoin which is referenced in rap.

Recently, rapper Soulja Boy launched a piece called "Bitcoin" and talked about the "stacks" that he created by investing in cryptocurrencies. Before that, hip-hop icon Eminem had been referring to Bitcoin in his recently released "Kamikaze" album, where Royce da, a compatriot from Detroit, was delivering lyrics about the first market-capitalized cryptocurrency.

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