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Bitcoins / Breaking News

50 Cent Lied About Bitcoin Fortune

We previously wrote about rapper 50 Cent discovering that he had made a big profit after investing in Bitcoin. Just last month, he openly bragged about having a fortune in the virtual currency, however he is quickly going back in his words, by saying;

“[I have] never owned and [do] not now own, a Bitcoin account or any Bitcoins.”

50 Cent Rapper Rapping on Stage

This was discovered back in 2015, when he wrote it in the documents that surrounded his bankruptcy filing; however this news has only just been made public.

Just last month, he was boasting about a story regarding his 2014 album Animal Ambition, where he allegedly accepted 700 Bitcoins in sales, which would have been worth a cool $7million. He has since revealed that any Bitcoins that he made as a result of record sales or merchandise sales were actually converted to US dollars before he received the profits, which would mean that he did not actually own any Bitcoin.

The well known rapper filed for bankruptcy in 2015, but only last year did he settle the case with a $22million payment. He ended up revealing the truth after the announcement that he owned all of these Bitcoins led to people questioning his bankruptcy decision.

He has addressed the lies, saying;

“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 particularly true when I feel the press report in question is favourable to my image or brand, even if the report is based on a misunderstanding of the facts or contains outright falsehoods.”

This news will no doubt have put a dampener on his month, which had been a celebration of the 15th anniversary of his debut album, ‘Get Rich or Die Tryin’’. Is this just a great way of getting media attention though, as his new album is due to be released very soon.

Image Source: Wikipedia Commons

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.