T.I. is being dragged to court docket over a $1.three million greenback cryptocurrency rip-off known as FLiCK Tokens and is denying any involvement, The Blast studies.
“Tip is actually disheartened by the lawsuit,” T.I.’s lawyer, Albert A. Chapar Jr., tells The Blast. “Tip didn’t obtain a single greenback from Felton or any the cash alleged to have been invested by the Plaintiffs, nor did he have any possession the corporate.”
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In 2017, 25 buyers contributed $1.three million “for now nugatory securities known as FLiK Tokens,” court docket paperwork from the lenders’ $5 million greenback lawsuit say. FLiK Tokens is the brainchild Atlanta leisure government, Ryan Felton, whom Tip alleges used his likeness to push buyers to pour cash into the corporate.
Traders declare Felton and T.I. allegedly drove up the worth the brand new cryptocurrency utilizing their cash, “dumped” the tokens, then disappeared. Felton defined to them that “T.I. had given FLiK tokens to members his household and mates who had offered huge quantities on coinexchange.com inflicting speedy devaluation.”
In keeping with Chapar, T.I.’s conversations with Felton about probably turning into an investor had been comparatively short-lived.
Regardless of shifting on from the chance, the corporate is being accused utilizing the Dime Entice rap star’s title an image on their now-defunct web site illegally. Felton even threw Kevin Hart‘s title into the combo as an proprietor and in addition “created faux on-line posts on behalf Dallas Mavericks proprietor] Mark Cuban in an effort to manipulate the worth FLiK Tokens.”
The buyers are suing each T.I. and Felton for securities fraud and need $5,000,000 in damages.
Tip is at the moment looking for authorized recourse his personal as a result of he too, seems like a sufferer.