Acclaimed Rapper T.I being sued for $5 million after failed crypto project
U.S based rapper T.I is currently being sued by investors related to the rappers cryptocurrency project called FLIK.
Cointelegraph reports that a group of 25 investors are suing the rapper for $1.3 million in "worthless securities called FLiK tokens".
The heavily advertised "valuable liquid investment" was marketed by celebrities such as Kevin Hart and Mark Cuban. The project launched in Q4 of 2017 and climbed to a high of $0.21 and has since tanked to $0.000956 each.
According to court documents filed this week, the plaintiffs are suing for $5 million in damages following the complete failure of the project. The rapper's business partner on the project, Ryan Felton also told investors he had nothing to do with the project and had created a new company that had acquired FLiK.
Celebrities are finding themselves caught on the wrong side of the cryptocurrency legal spectrum as most recently, Boxing phenom Floyd "Money" Mayweather and DJ Khaled found themselves in a similar situation following a failed cryptocurrency ICO.
The downtrend in the market has most certainly not helped ICO's or even lucrative projects see progressive gains for investors in 2018. Investors clearly feel celebrity endorsed ICOs that have plummeted in price are simply a cash grab by greedy celebrities looking for a few extra bucks.