Crypto Investors Sue US Rapper T.I. over FLiK Coin Project
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Twenty-five FLiK backers claim $5 million in damages for investing in the singer’s crypto project.
A group of US investors have filed a lawsuit against rapper T.I. and his business partner Ryan Felton, accusing both men of conducting an alleged cryptocurrency Ponzi scheme with their FLiK coin, The Blast reported on Thursday, citing court documents it had obtained. The 25 plaintiffs are seeking $5 million in reparation after pouring $1.2 million in the digital asset project that T.I. and Felton launched last year.
According to the investors, T.I. used his social media accounts to spread false claims about celebrities supporting FLiK, saying comedian Kevin Hart would become the face of the project and its owner at a later phase. In addition, Felton “created fake online posts on behalf of Mark Cuban [Dallas Mavericks owner] in order to manipulate the value of FLiK Tokens.”
FLiK was a pump-and-dump scheme, the investors say in the lawsuit, as T.I. and Felton used the plaintiffs’ money to manipulate the coin price and then disappeared. FLiK initially changed hands at $0.06, but T.I. and Felton promised that the project would spike to $14.99 in a 15-month period, which is a 25,000% increase. The coin only reached $0.21 and then crushed to less than a penny in August this year, making FLiK tokens “now worthless securities,” investors write in the court documents.
A massive dump happened in late 2017, when the price experienced a significant drop.
“Felton explained that the devaluation was caused, at least in part, because T.I. had given FLiK tokens to members of his family and friends who had sold massive amounts on coinexchange.com causing rapid devaluation,” the lawsuit reads as quoted by The Blast.
Felton then told investors another company had acquired FLiK, and he no longer had links with the project.
Currently, FLiK is traded on one exchange, CoinExchange.com, in pairs with Bitcoin (BTC), and Ethereum (ETH). The asset was changing hands at $0.0007 on Monday morning UTC, which was a 9.90% increase on a daily basis, as per Coinmarketcap data. The coin sits at number 1,287 on the crypto market capitalization list with $42,516 in value. Trading volume in the 24 hours to 09:12 UTC on Monday was $8, all from the FLiK pair with Bitcoin.
Visit - https://t.me/btctradingclub
Twenty-five FLiK backers claim $5 million in damages for investing in the singer’s crypto project.
A group of US investors have filed a lawsuit against rapper T.I. and his business partner Ryan Felton, accusing both men of conducting an alleged cryptocurrency Ponzi scheme with their FLiK coin, The Blast reported on Thursday, citing court documents it had obtained. The 25 plaintiffs are seeking $5 million in reparation after pouring $1.2 million in the digital asset project that T.I. and Felton launched last year.
According to the investors, T.I. used his social media accounts to spread false claims about celebrities supporting FLiK, saying comedian Kevin Hart would become the face of the project and its owner at a later phase. In addition, Felton “created fake online posts on behalf of Mark Cuban [Dallas Mavericks owner] in order to manipulate the value of FLiK Tokens.”
FLiK was a pump-and-dump scheme, the investors say in the lawsuit, as T.I. and Felton used the plaintiffs’ money to manipulate the coin price and then disappeared. FLiK initially changed hands at $0.06, but T.I. and Felton promised that the project would spike to $14.99 in a 15-month period, which is a 25,000% increase. The coin only reached $0.21 and then crushed to less than a penny in August this year, making FLiK tokens “now worthless securities,” investors write in the court documents.
A massive dump happened in late 2017, when the price experienced a significant drop.
“Felton explained that the devaluation was caused, at least in part, because T.I. had given FLiK tokens to members of his family and friends who had sold massive amounts on coinexchange.com causing rapid devaluation,” the lawsuit reads as quoted by The Blast.
Felton then told investors another company had acquired FLiK, and he no longer had links with the project.
Currently, FLiK is traded on one exchange, CoinExchange.com, in pairs with Bitcoin (BTC), and Ethereum (ETH). The asset was changing hands at $0.0007 on Monday morning UTC, which was a 9.90% increase on a daily basis, as per Coinmarketcap data. The coin sits at number 1,287 on the crypto market capitalization list with $42,516 in value. Trading volume in the 24 hours to 09:12 UTC on Monday was $8, all from the FLiK pair with Bitcoin.