Rap mogul T.I. is once againd ealing with some courthouse drama. According to TMZ, TIP is being sued for $5 million as a result of cryptocurrency deal that went belly up.
T.I. shouted it from the rooftops — get in on the ground floor of the cryptocurrency he and a biz partner launched and get rich … according to the lawsuit filed by investors, who say all they got was flat broke.
The crypto was called FLiK Token and it was created in August 2017 by T.I. and ATL businessman Ryan Felton. 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.–TMZ
The investors say they collectively lost around $2 million.
T.I. has been accused of leaving folks holding the bag–an empty one–before: employees of the rap superstar’s now-shuttered but once popular ‘Scales 925’ restaurant claimed the rapper and a business partner withheld wages from them.
T.I. reportedly settled that lawsuit for $75,000 this past summer.