Known US Rapper, Clifford Joseph Harris Jr. also known as his celebrity name T.I or Tip is being sued for around $5 million after his token, FLiK fails in the crypto industry according to numerous reports
Investments worth $1.3 million are said to have been invested already in the new FLiK token launched by the Rapper himself and his partner, Ryan Felton. Reports suggest that 25 people have claimed that they invested their money on the “worthless” crypto token that goes by the name FLiK.
The lawsuit filed by the group of these 25 investors also claims that the token was also heavily endorsed by celebrities and crypto experts saying investing in the FLiK token would be a valuable liquid investment.
The investors have also accused Rapper T.I. and Ryan Felton of defrauding them by using the investor’s money to increase the value of the token but as soon as it backfired them and the prices of the token fell down, both the creators went into the air and left the investors sinking. Reports also claim that Ryan Felton has gone to the extent that he created a new company and by the name of that company “acquired” FLiK but he himself denies these reports and urges the investors that he has no link with the newly developed company which acquired FLiK. Shady.
Well, all this news circulating regarding this matter has put the US Rapper T.I. and his business partner, Ryan Felton in a very miserable position. Through the lawsuit, we can assume the heat surrounding the investors and their approach on this issue and they are, in no way, coming slow on the couple of them.
The investors are now claiming that they need a minimum of $5 million from the creators of FLiK to cover the damages they caused them. However, the targeted party’s lawyer has not yet responded to these accusations which leaves the situation in more of a confusion, at the moment.
After the launch of FLiK back in September 2017, many known personalities, mainly celebrities were involved in promoting the new token including the famous actor and stand-up comedian, Kevin Hart and owner of the NBA franchise Dallas Mavericks, Mark Cuban was also briefly mentioned in a campaign for FLiK. The promotion however did not help the token’s price go too high as according to the CoinMarketCap report on FLiK, the token could only go as high as 21 cents and only went downhill from there to being traded at $0.001.
As we go more in depth in this report, we can see that only celebrity promotions does not get you anywhere as the crypto market is so demanding these days. These new tokens (cryptocurrencies) require prominent value and surety in order for them to succeed in the world of crypto.
Similar to this event, there have been past examples of how crypto-related activities have failed previously despite being promoted by celebrities. And it is true, they do not always succeed.
Just like T.I., another US Rapper and member of the well known hip hop group Wu Tang Clan, Ghostface Killah was also involved in activities related to the crypto world where he co-founded Cream Capital, an Initial Coin Offering (ICO) which desired to raise funds up to $30 million but unfortunately, things did not go as planned since it was claimed to have no future plans to hold the token sale.
Floyd Mayweather, the highest paid boxer and one of the top most boxers of his generation also became part of an ICO and promoted a token named “Centra” which was later charged with fraud by the US Security and Exchange Commission (SEC). A fun fact on this matter, Floyd Mayweather also called himself Floyd “Crypto” Mayweather following his involvement in these crypto related activities but too bad, it did not last long and back to boxing, it is.
The most recent celebrity who dived in the sea of the crypto industry is Johhny Depp. Depp teamed up with Andrea Iervolino, the founder of the crypto-powered social entertainment platform, TaTaTu to jointly produce and make digital content and films. We hope that after many bit the dust, Depp survives the wrath of the crypto industry and succeeds in his mission.
Hence, one thing we learned and more than us, T.I. and Ryan Felton learned was that it isn’t always a great idea to promote your developments through known personalities as it doesn’t always guarantee success, however, a great idea surely does.