Rapper 50 Cent, for the record, never owned Bitcoin and therefore never made millions on the rapid rise of the cryptocurrency, he confessed in bankruptcy court documents filed last week.
According to CNBC, the rapper clarified in documents relating to his 2015 Chapter 11 bankruptcy filing that he doesn't own "and have not owned, either a Bitcoin account or any Bitcoins."
In January, 50 Cent shared a screenshot of a TMZ article on social media, captioning it: "Not Bad for a kid from South Side, I'm so proud of me."
"Our sources say 'Animal Ambition' pulled in about 700 bitcoin in sales . . . over $400K. We're told the cryptocurrency sat dormant in his account for years," the TMZ report said. "Fast-forward to today — when Bitcoin's value has fluctuated between $10k and $12k per coin. Turns out 50 is a money genius . . . sitting on anywhere between $7 million and $8.5 million."
"I'm a keep it real. I forgot I did that s***," he also commented on social media.
The rapper sought to explain himself in the new court documents, admitting that he never actually owned Bitcoin. While he did accept Bitcoin for the album, a third-party in charge of processing the album's payments converted the cryptocurrecy to dollars before it reached the rapper's company, G-Unit records, CNBC reported.
"When I first became aware of the press reports on this matter, I made social media posts stating that 'I forgot I did that' because I had in fact forgotten that I was one of the first recording artists to accept bitcoin for online transactions," he stated in court documents.
"I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments," he added.
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