Rapper T.I. and his business partner are being sued for $5 million after their cryptocurrency, FLiK token, reportedly failed, according to a report from celebrity news media, The Blast.
In court documents, 25 investors say they invested $1.3 million "for now worthless securities called FLiK Tokens." According to The Blast, the investors say T.I. and his partner Ryan Felton drove up the price of the cryptocurrency, “dumped” them and then disappeared.
The lawsuit claims Felton then created a new company that he said acquired FLiK and told investors that he wasn’t connected with the new company.