Words by: Brandon Simmons
Compton rapper The Game is one of the many people to invest in cryptocurrency. He backs a crypto startup company, ParagonCoin Limited, which is mainly involved in the marijuana industry.
Recently, the ex-G-Unit member’s crypto company had its registration revoked via the United States Securities and Exchange Commission. The SEC claims the company has not filed periodic reports since 2019. The commission also reports that they have sent letters to ParagonCoin Limited regarding the need to complete the necessary reports. The letters were never answered.
The “Wouldn’t Get Far” rapper’s company has had issues since its initial offering in 2017. In 2021, the company was sued for violating securities laws during the initial offering four years prior. ParagonCoin now owes over $12 million in damages, which is the $12 million the company raised in its Initial Coin Offering.
According to ParagonCoin’s official website, the crypto company is filing for bankruptcy. In a statement, the firm credits the lawyers they hired as for why the company has become insolvent.
“Our goal was to build a much-needed decentralized solution for the cannabis industry, however, our plans were impossible to achieve due to several legal mistakes….we sought out the guidance of highly recommended lawyers that were supposed to help, unfortunately they misguided and failed us.”