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Home Cryptocurrency news

Another Rapper Sued in Alleged Crypto Scam, Interest Grows Across Hip-Hop

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Cryptocurrency Technology
Reading Time: 3min read
Rapper
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The rapper known as T.I. has reportedly been sued for his involvement in a cryptocurrency token scam that left investors high and dry.

Rapper T.I. Accused of Defrauding Crypto Investors

According to celebrity gossip outlet TMZ, rapper T.I., whose real name is Clifford Joseph Harris Jr., is being sued to the tune of $5 million by a group of 25 individuals claiming that the hip-hop star peddled a cryptocurrency token that ultimately turned out to be a fraud.

The 25 individual investors claim that they invested over $1.3 million into a pump and dump scheme led by the rapper and his business colleague Ryan Felton.

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T.I. and Felton are alleged 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 comedian Kevin Hart would join the project as the face of the company and as an “owner.” However, the claim turned out to be false, misleading those who considered investing in the FLiK token. Mark Cuban was another name thrown around, with Felton suggesting that the “Shark” and Dallas Maverick’s owner himself had invested in the project.

The suit claims that T.I. had used investors funds to drive up the price of the FLiK token, and then as soon as that happened, T.I. and Felton began selling their holdings, causing the price to plummet. Felton attempted to blame the devaluation on T.I. gifting the cryptocurrency tokens to family members, who had begun cashing out when the price increased. According to price data from CoinMarketCap, FLiK reached an all-time high of $0.21 on October 17, 2018. FLiK tokens are now priced at $0.0009 each – a significant fall.

The two join the likes of Floyd Mayweather, and another hip-hop producer, DJ Khaled, in being added to the growing list of celebrities being sued for endorsing fraudulent cryptocurrencies.

Rappers Are Becoming Infatuated with Crypto

From the gold chains adorned around the neck’s of Run DMC, to the “grillz” in Lil’ Wayne’s teeth, rappers have always loved their precious metals like platinum and gold – and now, that love is spilling into “digital gold” with a growing interest in cryptocurrencies.

It’s not just T.I. and DJ Khaled who have found themselves involved with cryptocurrency tokens. The son of the late Wu-Tang member Ol’ Dirty Bastard is set to launch ODB Coin, formerly known as Dirty Coin. Young Dirty, as he’s known, is working with AltMarket to launch ODB Coin as “merchandise, like a T-shirt, which makes it a commodity,” according to AltMarket CEO Bryce Weiner.

In addition to rappers enlisting in cryptocurrency projects and even launching their own cryptocurrencies, there’s a growing trend in cryptocurrencies like Bitcoin being referenced in rap music.

Most recently, rapper Soulja Boy launched a track titled “Bitcoin,” and talked of the “stacks” he made by investing in cryptocurrencies. Before that, hip-hop icon Eminem featured a reference to Bitcoin on his recently released “Kamikaze” album, where fellow Detroit native Royce da 5’9″ delivered lyrics related to the number one cryptocurrency by market cap.

Featured image from Shutterstock.
Tags: FLiKHip Hopmusicraprap musicrapperT.I. fraudTI
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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