T.I. Denies Making Money Off Crypto Business, Says He Doesn't Own Company: Report

T.I.’s had his fair proportion authorized troubles he is been coping with this 12 months. Last week, the rapper was sued by a gaggle traders who claimed Tip and a person named Ryan Felton defrauded them. Now, the rapper’s lawyer has responded to the swimsuit and claims his shopper wasn’t even concerned within the enterprise.

T.I. did not obtain any cash from FLiK Tokens, The Blast studies. Tip’s lawyer, Albert A. Chapar Jr. advised the publication that his shopper did not obtain any cash from the cryptocurrency enterprise, nor did he have any possession within the firm.

“Tip is actually disheartened by the lawsuit. Tip didn’t obtain a single greenback from Felton or any the cash alleged to have been invested by the Plantiffs, nor did he have any possession the corporate,” he stated.

He added, “Felton has made a number of misrepresentations in addition to unauthorized statements about Tip’s involvement. The terribly unlucky reality is that Felton misused and took benefit Tip’s title and likeness, thereby victimizing each the traders and Tip.”

T.I. reportedly solely had a small quantity interactions with the enterprise earlier on. Sources near the scenario stated he spoke in regards to the risk about changing into an investor for FLiK Tokens, however these plans fell by instantly.

Tip additionally claims that the corporate is utilizing his title illegally. He’s at present wanting into his authorized choices for the state of affairs. 

T.I. Sued For $5M After Being Accused Of Defrauding Cryptocurrency Investors

Over the previous few years, we have seen quite a few hip-hop acts try to launch their very own cryptocurrencies together with T.I. who launched FLiK Tokens in 2017. Unfortunately, the enterprise enterprise hasn’t been understanding too properly and now, Tip and his enterprise associate are being sued for allegedly defrauding roughly two dozen traders.

According to The Blast, T.I. and his enterprise associate are being sued by a gaggle 25 traders who claimed they invested $1.3M into the cryptocurrency enterprise. The traders stated that Tip and the rapper’s enterprise associate in FLiK Tokens, Ryan Felton, utilized “social media, movie star endorsements, and well-known trade specialists to create the misunderstanding that FLiK Tokens have been a invaluable liquid funding.” They claimed that T.I. and Felton appeared that Kevin Hart was going to be the brand new face the corporate and even introduced that he’d be introduced on to FLiK as a “as proprietor the enterprise.”

The lawsuit alleges that hiked up the worth the FLiK Tokens as soon as they bought the cash from traders earlier than they “dumped” their crypto-coins and vanished. They stated Felton created a brand new firm that he stated introduced FLiK  “and speciously informed traders that he had nothing to do with the brand new sham firm.”

They additionally stated, “Felton defined that the devaluation was induced, at the least partially, as a result of T.I. had given FLiK tokens to members his household and associates who had bought large quantities on coinexchange.com inflicting speedy devaluation.”

Now, the group traders are suing T.I. and Felton for securities fraud. They’re looking for a minimum of $5M in damages.

Elon Musk Sued By The US Government For Bamboozling Investors

The Securities Exchange Commission, an integral department the US Government, is suing Elon Musk for issuing deceptive Tweets which coerced traders into considering he was taking his Tesla firm non-public. The Tweet remains to be among the many 1000’s that stay posted on his public Twitter account. It unquestionably reads: “Am contemplating taking Tesla non-public at $420. Funding secured.”

In their courtroom attraction, the SEC highlighted just a few different “suggestive” Tweets reiterating his need to transition from a publicly listed enterprise to a personal one: “My hope is *all* present traders stay with Tesla even when we’re non-public. Would create particular objective fund enabling anybody to stick with Tesla.” I’ve included a transcription the Tweets within the occasion they’re taken down.  

The courtroom paperwork obtained by TMZ, contends that his Twitter escapade was completed in haste, whereas he was holding preliminary discussions with confidantes falling outdoors Tesla’s board governors. As a outcome, the data he offered Twitter was deceptive and dare they are saying “uninformed.” Furthermore, the SEC believes the Tweets had a dramatic impact on Tesla’s diminishing shares, which in flip put a dent within the pockets traders. Their stake in all this: to forestall Elon Musk from ever holding a CEO or directorial seat a publicly traded firm, EVER AGAIN.

Canada To Open 1st-Ever Esports Gaming Arena In 2019

The competitive gaming industry is proliferating at an incredible rate, even Canada. Investors in Richmond, British Columbia, a few miles North Washington state lines, will build the country’s first-ever Esports Stadium to comply with pro-am competition. The facility will seat 250 spectators and 40 gaming booth, as well as a section dedicated to casual finicking and demos. We are perhaps a decade away from seeing the days nationally televised tourneys in the thousands.

The Gaming Stadium facility is more than just opportunism at the core, investors are pouring their heart and soul into the initiative. There’s a hope gamers all ages will be energized and reoriented to reach outside the confines their milieu to advance their gamesmanship. The facility will fer gaming experiences for players “all skill levels” in addition to the major tourneys it hopes to engender.

With the financial backing Myesports Ventures Ltd. the executive committee hopes to finalize contruction by 2019.  “We have so much in store for everyone and we are excited to continue making announcements leading up to launch,” said Myesports CEO Dan Cybak, “This is going to change the landscape Esports in Vancouver.”

While not sketchups exist the external and internal layout, expect the Gaming Stadium to look a lot like the industry standard.

Stay peeled.

Fyre Fest Founder Billy McFarland Ordered To Pay Up $26 Million

After pleading guilty to two counts Wire Fraud this week, Billy McFarland has now been ordered to pay back the $26 million he admitted to stealing from investors. Rapper Ja Rule has since defended his honest intentions for the Festival, pointing to a lack complicity between he and his business partner. 

The funds for the now infamous Fyre Festival were accrued through false statements, including fraudulent bank loans and false insurance policies. The amount to be repaid is in excess  $26 million, in accordance with the plea bargain he signed addressing the numerous lawsuits filed by the wronged investors.

Billy Mcfarland confessed feelings remorse in his closing statements.

‘I deeply regret my actions, and I apologize to my investors, team, family, and supporters who I let down,”

Fyre Fest, as you might recall, was being hyped as the ultimate musical getaway. Once festival goers arrived in the Bahamas, after paying tickets ranging between $5,000 and $250,000, they found themselves in a misshapen lot instead the luxury accommodations they had been promised. 

As previously reported, McFarland is also facing between 8-10 years in a federal prison. The final decision is set for June 21st.