T.I. Faces $5 Million Lawsuit for Misleading Cryptocurrency Investors
It looks like T.I. is facing some serious legal trouble. On Thursday (Nov 1), TMZ reported that the "Wraith" rapper is being sued by investors who claim his cryptocurrency, FLiK Token, had cost them a fortune.
Tip launched FLiK Token with his business partner Ryan Felton back in August 2017. According to the investors, Felton said the opening price was 6 cents per token, but it would be worth $14.99 within 15 months. Apparently, that didn't happen.
In documents obtained by TMZ, two dozen plaintiffs who invested in the cryptocurrency venture say the tokens did jump from 6 cents to 21 cents at first, but as of August 2018 they're worth less than a penny. Now, the celebrity news site's sources claim investors are suing the Dime Trap artist for at least $5 million.
On a lighter note, T.I.'s other legal issues are beginning to recede. Earlier this year, the Grand Hustle CEO was arrested outside of his gated community in Atlanta for public drunkenness and disorderly conduct after he got into an altercation with a security guard, who denied the rapper entry into his own neighborhood because he lacked proper identification.
Those charges have officially been dropped after prosecutors concluded that they don't have enough evidence to pursue an assault charge. Unfortunately, Tip still faces three counts of misdemeanor disorderly conduct and one count of misdemeanor public drunkenness.
XXL has reached out to T.I.'s reps for comment on the reported cryptocurrency lawsuit against him.
See Photos of T.I.'s Different Looks Over the Years