50 Cent Didn’t Actually Own Millions In Bitcoin And Now Has To Prove It In Bankruptcy Court
Rapper 50 Cent, whose real name is Curtis James Jackson III, admits that he does not own millions in bitcoin as he implied last month.
50 Cent's Bitcoin Fortune
In January, 50 Cent took to social media to share a screenshot of a TMZ report, claiming that the rapper earned approximately 700 bitcoins as a form of payment for his album Animal Ambition in 2014.
"Not bad for a kid from South Side, I'm so proud of me," he captioned the post.
Although he did not directly mention whether or not he owned the bitcoin fortune, he posted the following comment on his Instagram post:
"I'm a keep it real. I forgot I did that s---," he commented.
At the time, the value of bitcoin was $660 and it means, a batch of that size would have generated around $400K, which is reported to be worth about $7.8 million today, CNBC cited.
However, a new court document obtained by The Blast reveal that the "In Da Club" hitmaker never had the bitcoin fortune in the first place and 50 Cent went along with the reports because it did not affect his reputation.
50 Cent Denies Owning Bitcoin Stake
In Chapter 11 bankruptcy documents filed by 50 Cent on Friday, Feb. 23, the rapper denies owning bitcoins.
"The debtor has never owned, and does not now own, a bitcoin account or any bitcoin," reads his statement in the documents.
"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," Cent added.
He further revealed that the bitcoin proceeds from the album sale were exchanged for US dollars by a third party, which would have earned him a much lower sum four years ago.
Social Media Activity Spells Trouble
This isn't the first time that the rapper's social media activity has caused him some trouble. 50 Cent, who filed for bankruptcy in 2015, landed in a soup after he posted an Instagram photo of himself next to a large pile of cash that had been laid out to spell the word "Broke."
In a subsequent hearing in bankruptcy court, the judge told him that the post caused her to be "concerned about allegations of nondisclosure and a lack of transparency." However, Cent responded by saying that the money in the picture was fake.
Check out the post below.
Man this lunch money,I gotta go to work I'm still up, no Sleep at all. NEW MUSIC this week,Off The KANAN tape. #FRIGO #SMSAUDIO A post shared by 50 Cent (@50cent) on Oct 14, 2015 at 3:17am PDT