At the top of 2018, several reports stated that 50 Cent had cashed in on millions thanks to him investing in Bitcoin very early on in the game. According to those reports, Fif allowed customers to use the cryptocurrency to purchase his 2014 album, Animal Ambition, ultimately earning him between $7 million to $8.5 million. While fans marveled at the rapper’s genius, it turns out it was all fake news.
50 Cent recently reported to bankruptcy court to deal with his current financial woes when he revealed the news. The court reportedly questioned the artist about the unclaimed funds. According to court documents obtained by The Blast on Feb. 26, the various reports going around were merely rumors; he never made a dime from the cryptocurrency.
In the documents he stated that it’s true that he accepted Bitcoin as payment for his album, but the money was seized by a third party before he received any of it. “I do not personally own, and have not owned Bitcoin, either a Bitcoin account or bitcoins,” he reportedly stated in court.
His court statements regarding the matter differ from what he initially stated following the reports. While he didn’t immediately deny or confirm the rumors in Jan. 2018, he commented on Instagram later, with a screenshot of the original TMZ report. “Not Bad for a kid from South Side, I’m so proud of me LOL,” he joked at the time.
As previously reported, 50 filed for bankruptcy in July 2015, citing a debt of $32,509,549.91. It’s likely the court will do a lot more digging to make sure 50’s story checks out. Moving forward, the rapper might want to refrain from showboating online when he’s supposed to be broke.