The self-proclaimed king of the south, T.I. is in some serious trouble. Investors are looking to recoup the money they invested into the rappers failed cryptocurrency scheme.
TMZ reports that instead of getting insanely rich, investors instead are flat out broke now and are now suing the “All About The Money” rapper for at least $5 million. The cryptocurrency called FLiK Token was created back in August 2017 by Atlanta businessman Ryan Felton and T.I.
The pissed off investors say the opening price was 6 cents per token, but Felton said it would be worth $14.99 within 15 months. Little quick math for ya — that would be a nearly 25,000% increase!!!
But, according to docs, obtained by TMZ, the get-rich-quick scheme backfired. About 2 dozen plaintiffs say the tokens initially jumped from 6 cents to 21 cents but cut to August 2018 … and they’re worth LESS than a penny, each.
The investors say Felton was all over social media talking about big-time investors, and claim he even insinuated Mark Cuban was coming on board. Additionally, Kevin Hart tweeted a pic of himself with Tip, congratulating him on the FLiK launch.
The group says the coins are virtually useless now, and the failed venture collectively cost them more than $2 million. The investors’ attorney tells us he filed the suit Thursday … going after Felton and T.I. for at least $5 million.
Looks like the “Rubber Band Man” has a costly problem on his hands here. Won’t be surprised if he and his investor settle this ASAP. This latest issue joins the fallout he’s facing from the far-right who feel he should be canceled for the Melania Trump look-alike he had in a visual for a track off his Dime Trap album.
Photo: Bernard Smalls/iOne Digital