T.I. is a new kind of trouble.
Back in 2017, T.I. and Ryan Felton announced FLiK Token, or another cryptocurrency. They were able to squeeze $1.3 million out of some investors that were under the impression that they would not only make nearly a 25,000 percent increase on the FLiK Token but that Kevin Heart would be one of the faces of the brand.
According to Complex, they are now getting sued by the 25 investors due to T.I. & Felton using a “pump and dump” scheme in which they boost the price of the product by using the money given by investors but then crashes when the tokens are dumped.
Just a year later, the tokens were worth less than they were at purchase and now T.I. and Felton are getting sued for $5 million for damages.
The investors are suing T.I. and Felton for securities fraud.
We will keep you updated as more information becomes available.
Written by Christopher Schweitzer
Beasley Media Group Inc.