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The alliance of T.I. in the world of cryptocurrency may cost him dearly.
The rapper, 38, is being sued for securities fraud by a group of angry investors, reports The Blast.
According to the documents obtained by the website, the group of 25 investors alleges that TI and a partner, Ryan Felton, is engaged in a "pumping and unloading" program, which has sank 1.3 million dollars in FLiK "now worthless" tokens.
They claim that TI and Felton used "social media, celebrity endorsements and industry-recognized experts to create the false impression that FLiK tokens were a valuable cash investment." After generating interest, they have sold their chips.
The group says that when they finally understood what had happened, Felton had created another company that had acquired FLiK, even though he had denied any relationship with the new company.
According to the docs, in November of last year, a huge "dump" drove their FLiK counters to fall. Investors say Felton blamed T.I for them, saying the rapper gave the chips to the family and friends who sold them on coinexchange.com, leading to their devaluation.
The group is claiming $ 5 million in damages.
Representatives for T.I. did not respond to a request for comment.
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