U.S. rapper T.I., a.k.a T.I.P. is being sued for $5 million by a group of individuals after his FLik token has supposedly fizzled, as per court reports acquired by U.S. media news channel, The Blast.
The group claims to have poured as much as $1.3 million USD in the FLik tokens sold by the rapper, which were depicted as useless securities.
The offended parties express that the token was effectively promoted on major Social media platforms by celebrities and industry experts to create a delusion for attracting customers.
Felton cheated them by utilizing the cash raised to drive the token's cost up, and when the costs tumbled down, they dumped the FLik and vanished. As per the claim, Felton even made another organization, expressing it had obtained FLik and advising speculators he didn't have anything to do with it.
Presently the offended parties demand at least $5 million in harms from T.I. and Felton. The legal advisor for the star did not instantly react to a demand for input on the issue to The Blast.
The FLik was established back in September 2017 and was effectively bolstered by U.S. celebrity Kevin Hart, who advanced the coin on his Twitter. As U.S. newspaper TMZ reports, the promotion battle likewise made reference to Mark Cuban — a very rich person and proprietor of the NBA's Dallas Mavericks. As indicated by the details given by CoinMarketCap, the coin was exchanged at its crest on Oct. 17, 2017, when its price touched 21 pennies. Seeing a concise departure in February, it gradually declined to nothing, exchanged at $0.001 as of press time.
Big names have regularly turned out to be associated with crypto-related exercises every now and then, however, their endeavors and advancements don't generally succeed. For example, another U.S. rapper Ghostface Killah — an individual from the famous Wu-Tang Clan — helped to establish an Initial Coin Offering (ICO) that wanted to raise up to $30 million. However, his Cream Capital was later suspended "without any plans to hold the token deal later on."
Floyd Mayweather, one of the world's celebrated boxers and the most generously compensated competitor of his order, additionally occupied with an ICO, naming himself as Floyd "Crypto" Mayweather. Later in 2018, one of the coins he supported, Centra, was accused of misrepresentation by U.S. securities watchdog SEC.
Another big name associated with cryptocurrency was Johnny Depp, who joined hands with crypto-enabled social platform TaTaTu.