{"id":356220,"date":"2018-11-02T22:00:03","date_gmt":"2018-11-02T22:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=356220"},"modified":"2019-03-11T20:50:54","modified_gmt":"2019-03-11T20:50:54","slug":"another-rapper-sued-in-alleged-crypto-scam-interest-grows-across-hip-hop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/another-rapper-sued-in-alleged-crypto-scam-interest-grows-across-hip-hop\/","title":{"rendered":"Another Rapper Sued in Alleged Crypto Scam, Interest Grows Across Hip-Hop"},"content":{"rendered":"

The rapper known as T.I. has reportedly been sued for his involvement in a cryptocurrency token scam that left investors high and dry.<\/span><\/p>\n

Rapper T.I. Accused of Defrauding Crypto Investors<\/span><\/h2>\n

According to celebrity gossip outlet TMZ<\/span><\/a>, rapper T.I., whose real name is <\/span>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.<\/span><\/p>\n

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. <\/span><\/p>\n

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.”<\/span><\/p>\n

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\u2019s owner himself had invested in the project.<\/span><\/p>\n

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. <\/span>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 \u2013 a significant fall.<\/span><\/p>\n

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<\/a>.<\/span><\/p>\n

Rappers Are Becoming Infatuated with Crypto<\/span><\/h2>\n

From the gold chains adorned around the neck\u2019s of Run DMC, to the “grillz” in Lil’ Wayne\u2019s teeth, rappers have always loved their precious metals like platinum and gold \u2013 and now, that love is spilling into “digital gold” with a growing interest in cryptocurrencies.<\/span><\/p>\n

It\u2019s 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\u2019s 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.<\/span><\/p>\n

In addition to rappers enlisting in cryptocurrency projects and even launching their own cryptocurrencies, there\u2019s a growing trend in cryptocurrencies like Bitcoin being referenced in rap music.<\/span><\/p>\n

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<\/a> 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.<\/span><\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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. 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\u2019s 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 \u2013 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\u2019s of Run DMC, to the “grillz” in Lil’ Wayne\u2019s teeth, rappers have always loved their precious metals like platinum and gold \u2013 and now, that love is spilling into “digital gold” with a growing interest in cryptocurrencies. It\u2019s 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\u2019s 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\u2019s 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.<\/p>\n","protected":false},"author":517,"featured_media":356227,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,3],"tags":[16840,7779,3090,13893,16836,16837,16839,16838],"class_list":["post-356220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-news","tag-flik","tag-hip-hop","tag-music","tag-rap","tag-rap-music","tag-rapper","tag-t-i-fraud","tag-ti"],"acf":[],"yoast_head":"\nAnother Rapper Sued in Alleged Crypto Scam, Interest Grows Across Hip-Hop<\/title>\n<meta name=\"description\" content=\"The rapper known as T.I. has reportedly been sued for his involvement in a cryptocurrency token scam that left investors high and dry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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