He said he wasn’t aware that FLiK tokens were securities subject to regulation until April 25, 2019, when the district court issued a ruling on a similar case.
The ruling summarized the company’s history: in mid-2017, Felton created FLiKIO, which raised money via cryptocurrency for “unique and creative entertainment projects.” On social media, he announced T.I. as the co-owner and T.I. himself tweeted about it. On August 23, 2017, the company made an initial coin offering of FLiK tokens.