Another Rapper Sued in Alleged Crypto Scam, Interest Grows Across Hip-Hop
The rapper referred to as T.I. has reportedly been sued for his involvement in a cryptocurrency token rip-off that left traders prime and dry.
Rapper T.I. Accused of Defrauding Crypto Investors
According to famous person gossip outlet TMZ, rapper T.I., whose actual identify is Clifford Joseph Harris Jr., is being sued to the track of $five million through a gaggle of 25 folks claiming that the hip-hop megastar peddled a cryptocurrency token that in the long run became out to be a fraud.
The 25 person traders declare that they invested over $1.three million right into a pump and unload scheme led through the rapper and his trade colleague Ryan Felton.
T.I. and Felton are purported to have used “social media, celebrity endorsements, and well-known industry experts to create the false impression that FLiK Tokens were a valuable liquid investment.”
The pair had incorrectly claimed that comic Kevin Hart would sign up for the challenge because the face of the corporate and as an “owner.” However, the declare became out to be false, deceptive those that thought to be making an investment in the FLiK token. Mark Cuban was once any other identify thrown round, with Felton suggesting that the “Shark” and Dallas Maverick’s proprietor himself had invested in the challenge.
The go well with claims that T.I. had used traders price range to pressure up the cost of the FLiK token, after which once that took place, T.I. and Felton started promoting their holdings, inflicting the fee to plummet. Felton tried in charge the devaluation on T.I. gifting the cryptocurrency tokens to members of the family, who had begun cashing out when the fee higher. According to value knowledge from CoinMarketCap, FLiK reached an all-time prime of $zero.21 on October 17, 2018. FLiK tokens at the moment are priced at $zero.0009 each and every – a vital fall.
The two sign up for the likes of Floyd Mayweather, and any other hip-hop manufacturer, DJ Khaled, in being added to the rising checklist of celebrities being sued for endorsing fraudulent cryptocurrencies.
Rappers Are Becoming Infatuated with Crypto
From the gold chains embellished across the neck’s of Run DMC, to the “grillz” in Lil’ Wayne’s tooth, rappers have at all times beloved their valuable metals like platinum and gold – and now, that love is spilling into “digital gold” with a rising pastime in cryptocurrencies.
It’s no longer simply T.I. and DJ Khaled who’ve discovered themselves concerned with cryptocurrency tokens. The son of the overdue Wu-Tang member Ol’ Dirty Bastard is ready to release ODB Coin, previously referred to as Dirty Coin. Young Dirty, as he’s identified, is operating with AltMarket to release ODB Coin as “merchandise, like a T-shirt, which makes it a commodity,” in step with AltMarket CEO Bryce Weiner.
In addition to rappers enlisting in cryptocurrency tasks or even launching their very own cryptocurrencies, there’s a rising pattern in cryptocurrencies like Bitcoin being referenced in rap song.
Most lately, rapper Soulja Boy introduced a observe titled “Bitcoin,” and talked of the “stacks” he made through making an investment in cryptocurrencies. Before that, hip-hop icon Eminem featured a connection with Bitcoin on his lately launched “Kamikaze” album, the place fellow Detroit local Royce da five’nine″ delivered lyrics associated with the #1 cryptocurrency through marketplace cap.
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