RATE Group | US Rapper T.I. Sued For Cryptocurrency Pump-And-Dump Scheme
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US Rapper T.I. Sued For Cryptocurrency Pump-And-Dump Scheme

04 Nov US Rapper T.I. Sued For Cryptocurrency Pump-And-Dump Scheme

Posted at 21:30h in Cryptocurrency News by

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The US rapper and actor T.I. is now being sued for securities fraud in relation to a supposed cryptocurrency scam. Specifically, a group of disgruntled investors filed a lawsuit this past Thursday seeking ”at least $5 million”.

This news comes from the celebrity news media outlet The Blast. T.I. is said to have engaged in a cryptocurrency ”pump and dump” scheme together with his business partner.

More specifically, T.I. created a cryptocurrency called FLiK Token with entrepreneur Ryan Felton back in August of 2017. Furthermore, presumptive investors were supposedly promised that a dramatic upswing in the price of the token was imminent.

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Investors were promised returns of ~25,000%

Although the opening price was a mere 6 cents per FLiK  Token, Felton is said to have stated it would rocket to $14.99 within 15 months. If indeed realized, such a price increase would represent an increase of 24,983% percent.

However, the get-rich-scheme then quickly backfired, according to…

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