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The rapper and US actor T.I. is currently being sued for securities fraud as part of a supposed cryptocurrency scam. More specifically, a group of disgruntled investors complained last Thursday against "at least $ 5 million."
This news comes from celebrity media release The Blast. T.I. would have participated in a program of "pumping and unloading" cryptocurrency with his trading partner.
More specifically, T.I. created a cryptocurrency called FLiK Token with entrepreneur Ryan Felton in August 2017. In addition, alleged investors would have been promised an imminent increase in the price of the token.
Investors were promised a return of approximately 25,000%
Although the opening price was only 6 cents per FLiK token, Felton reportedly said it would be $ 14.99 in 15 months. If actually realized, such a price increase would represent an increase of 24.983%.
However, the enrichment scheme quickly turned against us, according to documents shared by TMZ entertainment news platform. Although the price of FLiK chips has risen from $ 0.06 to $ 0.21, they remain during trading at a price less than one cent.
A group of unsatisfied investors who allegedly invested $ 1.3 million in FLiK Tokens has now brought the case to court. The plaintiffs contend that T.I misinterpreted their investments in "now worthless securities called" FLiK tokens ". and Felton.
Felton and T.I supposedly orchestrated the pump and dump scheme
In addition, they also argue that Felton and T.I used investments to inflate the price of the token, before the dumping of the asset. In addition to this, the complaint also alleges that Felton created a new company that is supposed to acquire FLiK, and then informed investors that he was not associated with it.
Felton also reportedly said billionaire Mark Cuban, owner of the Dallas Mavericks, was about to commit.
The TMZ article also mentions that American actor Kevin Hart has been featured as an active supporter of the FLiK Token. In addition, Hart would have promoted the play via his Twitter account. Nevertheless, Hart is not related to the lawsuit.
In addition, the dissatisfied investor's lawyer filed a lawsuit last Thursday. According to TMZ, the group "goes after Felton and T.I. for at least $ 5 million".
For now, T.I. and his lawyers have declined to comment on the case.
Source of the image: "Flickr"
Rasmus Pihl is a writer for the day Toshi Times and a fervent follower of the night cryptocurrency sector. Rasmus holds a Bachelor's degree in Marketing from the Gothenburg School of Business, Economics and Law and runs a Swedish marketing consultancy. Moreover, when he is not writing for Toshi Times, is not traveling, working or changing the world in any other way, Rasmus is most likely taken in postgraduate studies.
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