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Monday, February 26, 2018

50 Cent Denies Owning Bitcoin After Bragging About Crypto Fortune

Posted by Unknown on 4:18 PM

50 Cent bragged about having a fortune in cryptocurrency last month, but now, the G-Unit General is saying that he has none in a sworn declaration.

“[I have] never owned and [do] not now own, a bitcoin account or any bitcoins,” he wrote in the documents pertaining to his 2015 bankruptcy filing, according to The Blast.

Last month, however, Fif had a different story. At the time, he boasted about a story regarding his 2014 album Animal Ambition, for which he allegedly accepted 700 bitcoins in sales, which would have been worth more than $7 million in the years since.

In the new court docs, 50 went on to explain that any bitcoins that were made in album or merch sales would have been converted to U.S. dollars before he received the profits, according to the report.

The Get Rich or Die Tryin’ mogul filed for Chapter 11 bankruptcy in 2015. Last year, he settled the case with a $22 million payment. The bitcoin story brought new questions regarding his bankruptcy that 50 was hoping to address with the latest declaration.

The hip-hop mogul also explained why he didn’t deny the original story. “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…This is particular 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.”

Earlier this month, Fif celebrated the 15th anniversary of his debut album Get Rich or Die Tryin’. Up next, he’s prepping the release of his new album, after dropping the Jeremih-assisted single “Still Think I’m Nothing.”


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