Rumors have been circulating about the rap superstar 50 Cent being worth millions of dollars in Bitcoins. Those rumors allege that he forgot about his cryptocurrency holdings. This is a potential issue, because he is going through bankruptcy proceedings.
The news surfaced last January. Allegedly, 50 Cent forgot that he owned Bitcoin that has since surged in value. This forgotten investment could be worth millions of dollars. However, the rapper is now saying that this stash of bitcoin never even existed.
The rapper recently told the bankruptcy court that the news was false, and he is not worth millions of dollars in Bitcoin. He told the court that he didn't "feel the need to publicly deny" the media's false reports about him being a millionaire, because they were not going to "irreparably damage" his reputation.
Many of the news reports about 50 Cent's bitcoin fortune claimed that the rapper owned approximately 700 of the cryptocurrency coins, which would have been worth millions of dollars at the time of the news reports.
50 Cent even responded to the reports on Instagram, seeming to confirm them by saying, "Not Bad for a kid from South Side, I'm so proud of me ... I'm a keep it real. I forgot I did that." He later deleted the posting.
50 Cent told the court that he really did forget he had been the first musical artist to accept Bitcoin.However, he insists that his Bitcoins had been converted to cash at the time.
The value of cryptocurrency holdings will certainly play a role in modern bankruptcy proceedings. Do you fear that your cryptocurrency holdings could affect your Chapter 7 bankruptcy in King County? Make sure you fully understand your legal rights and options before you attempt to file for bankruptcy protection.
Source: wsbradio.com, "50 Cent now denies bitcoins worth millions in bankruptcy papers," Najja Parker, Feb. 27, 2018