Rapper T.I. Facing Lawsuit After His Coin Fails

The Blast, a U.S. celebrity new media obtained court documents, which said that FLiK, rapper T.I. aka, Tip and his business partner Ryan Felton has failed. They are now being sued for 5 million USD, by a group of people. The report says that the group of people claim that tad invested 1.3 million USD, in a token which is now worthless securities. The plaintiffs also allege that they had bought the token because it was endorsed and publicized by celebrities, across social media. They felt that they had used their money to raise the price of the token, and straight dumped everything and disappeared when the prices fell.

It is a standard deal for celebrities to be involved in crypto related activities, now and then. However, their endeavours are not always successful. Another rapper, Ghostface Killah, A Wu-Tang Clan’s Initial Coin Offering, was suspended “with no plans to hold the token sale in the future.” He had hopes of rising to a 30 million USD benchmark. World’s one of the most famous boxers Floyd Mayweather, also engaged in an ICO called Centra but was declared to be fraudulent by the U. S. securities guard Dog, SEC. Recently Johnny Depp has stepped into this bandwagon by partnering up with a crypto-power social entertainment platform TataTu, in order to create film and digital content.

The lawyer of T.I was not available for a comment on the matter. The Flick, had been announced in September of 210, had been advertised by actors like Kevin Hart. It was also implied that “Shark” investor, businessman, and owner of the NBA’s Dallas Mavericks was also to come onboard. According to CoinMarketCap, the coin was traded at its peak at 21 cents, on Oct. 17, 2017. This was followed by a short-lived takeoff in February, but soon began declining. At press time it was trading at 0.001 USD.