Rapper 50 Cent Denies He Is Bitcoin Millionaire At Bankruptcy Court

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Rapper 50 Cent recently made headlines in January of this year when it was reported that he cashed in big with bitcoin by selling an album using the cryptocurrency back in 2014. At the time that TMZ reported this, it was claimed that the rapper, Curtis James Jackson III in real life, earned 700 bitcoins for his “Animal Ambition” album.

Fast forward to today, however, and the rapper has denied this claim, asserting the falsity of TMZ’s report. Even the Instagram post that supposedly shows 50 Cent himself confirming the report could no longer be found. He recently settled a Chapter 11 bankruptcy case from 2015, and in a court filing last week by his lawyers, they sought to clarify this very issue. They insisted that the rapper “never owned, and does not own, a bitcoin account or any bitcoins.” Court records did show, however, that while it was true that he received bitcoin as payment for his album back then, this was immediately converted into US dollars by third party service provider Central Nervous, LLC.

As to why he did not clarify the allegation right away, he explained that the rumors were actually “favourable to [his] image or brand, even if the report is based on a misunderstanding of the facts.”

 

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