A recent news story claimed that rapper and founder of Grand Hustle Records T.I. and a man by the name of Ryan Felton engaged in a cryptocurrency “pump and dump” scheme. A group of 25 investors claim that both these men utilized social media to drive up the price of FliK tokens, and the investors invested well over a million dollars into the cryptocurrency, only to watch the value plummet. Specifically, the suit alleges the two “used social media, celebrity endorsements, and well-known industry experts to create the false impression that FLiK tokens were a valuable liquid investment.”
The lawsuit alleges that T.I. and Felton had both claimed superstar comedian Kevin Hart and billionaire investor Mark Cuban were involved with the company as well. It states that Felton “created fake online posts on behalf of Mark Cuban in order to manipulate the value of FlIK tokens.”
T.I.’s lawyer released a statement, pointing out that “T.I. is truly disheartened by the lawsuit. He did not receive a single dollar from Felton or any of the money alleged to be invested by the Plaintiffs, nor did he have any ownership of the company.” T.I. is reportedly weighing his own legal options, as he believes that the company has used his name and likeness illegally.
For more information on the story, check out CoinTelegraph’s article here.
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