Popular US rapper T.I hits the breaking crypto news today for being sued by a group of people for $5 million after his FLiK token failed.
According to the court documents, the group that filed a lawsuit against the rapper, claims to have invested around $1.3 million in what is now ‘’worthless securities-FLiK tokens’’ initially promoted by T.I and Ryan Felton who is T.I’s business partner. The group says that the token was heavily endorsed on every social media platform by the celebrity and other ‘’experts’’ just so they could create a false impression of a valuable asset.
To continue, the group strongly believes that both T.I and Ryan Felton defrauded them by falsely raising the token’s price up when they obtained the money from the group. After the prices fell down, allegedly both of the partners dumped the FLiK and vanished.
According to the lawsuit, Felton managed to create e new company and told investors that he had nothing to do with the token issuing. For this reason, the plaintiffs want to receive $5 minimum in damages from both T.I and Felton. The lawyer for the popular rapper hasn’t responded to the request yet.
The FLiK token was announced last year in September and was strongly supported by another US celebrity Kevin Hart, Mark Cuban-the owner of NBA’s Dallas Mavericks and other celebrities as well. On October 17 the coin traded at 21 cents but later slowly declined to $0.0001.
It’s not uncommon for celebrities to get involved in crypto-related activities but not always their promotions are successful or rightful. For example, Floyd Mayweather engaged in an ICO naming himself as Floyd ‘’Crypto’’ Mayweather.
Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto
Angry Crypto Investors From Africa Burn Down Scammer’s House
Indian Authorities Arrest Four Crypto Ponzi Scheme Operators
Bitcoin’s Ability To Bypass Banks Is A Major Issue According To Traders
“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.
Join us on Facebook
- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Bitcoin News4 days ago
Indian Police Rescues Two BTC Traders From Two-Week Long Captivity
Altcoin News4 days ago
Dogecoin Surged 40% After Binance Exchange Listing
Altcoin News2 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Press Releases3 days ago
Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
Bitcoin News3 days ago
Possible Bear Trap Leads Market To New Gains, BTC Eyes $11,000
Bitcoin News3 days ago
Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges
Altcoin News5 days ago
Tether Keeps On Churning As 50 Million Tokens Enter The Market