Curtis James Jackson III, known more commonly by his stage name “50 Cent”, has denied that he made millions by selling an album for Bitcoin (BTC) in documents filed during his bankruptcy case, The Blast reported Monday, Feb. 26.
According to The Blast, TMZ falsely reported in January that he made 700 bitcoins by accepting them as payment for his album “Animal Ambition” in 2014. The Bitcoin fortune rumor was subsequently confirmed by 50 Cent on Instagram and a tweet which are no longer available. 50 Cent now acknowledges the reporting to be false.
The famous rapper originally filed for chapter 11 bankruptcy back in 2015 at the Bankruptcy Court for the District of Connecticut. While the case was settled in 2016, a court filing last week by Jackson’s lawyers sought to clarify that 50 Cent, “never owned, and does not own, a bitcoin account or any bitcoins.”
According to court documents, 50 Cent actually did accept Bitcoin as payment for “Animal Ambition”, but it was converted to US dollars right away by a third party, Central Nervous, LLC. 50 Cent commented that rumors about his BTC holdings were “favorable to [his] image or brand, even if the report is based on a misunderstanding of the facts.”
The rapper added that as a matter of course, he will not deny any press coverage, be it true or false, so long as it helps enrich his public image and further his personal brand.
Jackson’s bankruptcy case was the result of years of extravagant living, mismanaged wealth, and sometimes scandal. 50 Cent was prompted to file for bankruptcy following the loss of a $7 mln privacy lawsuit to the ex-girlfriend of a rival. The final payout for Jackson’s bankruptcy case was $23 mln dollars.