Rapper Game has landed himself in a big pile of crypto sh*t! According to reports, The Compton native is entangled in a $70 million cryptocurrency lawsuit.
Read on to get the latest details on rapper Game and the Cryptocurrency Lawsuit…
CelebNMusic247.com has learned that Jayceon Taylor, best known as Game legal troubles are just beginning because this lawsuit ain’t nothing to laugh about.
Rapper Game is facing legal troubles because of a recent business venture called Paragon, and he will potentially be punished for his involvement with the cryptocurrency.
The company was founded by 2014 Miss Iowa Jessica VerSteeg, received $70 million through its ICO (Initial Coin Offering), a new form of non-regulated fundraising used by startups.
The ICO’s are a way to avoid the exhaustive process required by traditional venture capitalism. It has been revealed that those who have contributed to this phase have since formed a class action suit against the company in January 2018.
The suit claims that Paragon has failed to meet their promises of revolutionizing the cannabis industry, having bought real estate with their funds instead. It was also said that the plan was to bring a percentage of the cash-based industry to cryptocurrency. If done correctly and as promised it would have entailed a high-value return for investors.
Check out Game and Jessica promising the world to investors:
— Black Jesus (@thegame) August 10, 2017
Back in September, Jessica and Game took to Instagram to get investors involved in Paragon:
It did none of that. Here are all the details surrounding the Cryptocurrency Lawsuit!
The Game, who is part of Paragon’s “advisory board,” has been added to the original suit as a defendant on June 22nd. His role, as agreed upon with Paragon, was to use his celebrity status to promote the company as well as its ICO. The Game complied, using his platform to spread the word. He could even be seen with the CEO in one of his tweets as well as on Versteeg’s Instagram.
Paragon became legit when the cryptocurrency attained a celebrity endorsement from rapper the Game. Now, the suit claims that the offering was not registered with authorities and that investors want their money back.
Things are looking grim for rapper Game since the lawsuit asks for unspecified damages. In addition, it is also asking to a halt of any transactions with the raised capital as well as its recession. The Game might end up reconsidering calling his new album “the last” one.
What do you think about the Cryptocurrency Lawsuit?