ABC/Randy HolmesRemember when 50 Cent claimed he’d earned nearly $8 million thanks to a bitcoin deal he made in 2014 that he “forgot” about?
Well, it turns out that the Power executive producer’s bitcoin fortune isn’t a fortune at all.
Bankruptcy case documents filed by Fiddy — which were obtained by entertainment website The Blast — state that he “never owned, and does not own, a bitcoin account or any bitcoins, and to the best of his knowledge, none of his companies had a bitcoin account from 2014 to the present.”
As previously noted, 50 Cent claimed that he accepted the cryptocurrency for his 2014 album Animal Ambition which earned him 700 bitcoins.
At the time, 700 bitcoins were worth about $400,000.
As of Tuesday afternoon, one bitcoin is now worth over $10,000 dollars.
According to The Blast, the rapper’s bankruptcy documents also show that Animal Ambition “did accept bitcoin payments” but they were “converted to U.S. dollars by a third party before it ever reached him or his companies.”
As for why Fifty publicly declared that he’d earned millions, he explains in the court documents that, “so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting.”
He adds, “This is particularly true when I feel the press report in question is favorable to my image or brand, even if the report is based on a misunderstanding of the facts or contains outright falsehoods.”
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