The Game Entangled In $70 Million Cryptocurrency Lawsuit
The Game is facing legal troubles because a recent business venture. Paragon, founded by 2014 Miss Iowa Jessica VerSteeg, received $70 million through its ICO (Initial Coin Offering), a new form non-regulated fundraising used by startups to avoid the exhaustive process required by traditional venture capitalism. 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 revolutionizing the cannabis industry, having bought real estate with their funds instead. The plan was to bring a percentage the cash-based industry to cryptocurrency, which would entail a high-value return for investors.
The Game, who is part 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 his tweets as well as on Versteeg's Instagram.
The lawsuit asks for unspecified damages, in addition to a halt any transactions with the raised capital as well as its recession. The Game might end up reconsidering calling his new album "the last" one.