50 Cent Admits He Never Made a Fortune Off Bitcoin
So it turns out 50 Cent is not the cryptocurrency mogul we all thought he was. Or, at least that's what he wants the bankruptcy court to think.
As previously reported, in January, TMZ ran a story that stated Fif had made millions due to him getting on the Bitcoin craze early and offering it as a payment option to fans for his album, Animal Ambition. According to the report, 50 brought in about 700 bitcoins in sales. Then valued at around $662 per bitcoin, the site calculated the decision had hauled in over $400,000 for the MC. The Queens rapper reportedly sat on the lump sump, and with the crypto boom, he raked in between $7 million and $8.5 million.
But, 50 says that is not the case. According to court documents obtained by The Blast, Monday (Feb. 26), the rapper had to answer for the reported sum in bankruptcy court, and he denies ever owning or using Bitcoin. He states in the documents that he did indeed accept Bitcoin payments. But, he alleges the money was converted to U.S. dollars by a third party before it ever reached his hand.
"I do not personally own, and have not owned Bitcoin, either a Bitcoin account or bitcoins," he stresses in the court doc.
At the time of the initial report, 50 didn't confirm or deny the story. The rapper even commented on the report on his Instagram, sharing a screenshot of the story and writing, "Not Bad for a kid from South Side, I'm so proud of me LOL."
When the bankruptcy folks came calling, things changed.
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