In a recent bankruptcy filing, 50 Cent admitted that he did not make $8 million in bitcoin by accepting the cryptocurrency as a form of payment for his album Animal Ambition in 2014.
According to TMZ, 50 filed a sworn declaration in bankruptcy court stating,”[I have] never owned and [do] not now 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.”
Last month, reports suggested he earned 700 bitcoins, which would have been worth between $7 million and $8 million during the crypto boom a few weeks ago.
50 claimed the album did not accept bitcoin, but payments were converted to U.S. dollars by a third party before it ever reached him and his companies. This new claim may be the rapper’s way out of reporting bitcoin assets to the court.
In response to why 50 went along with the false reports, in one of the document’s clauses he states, “As a general matter, 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,” and “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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