Last week Curtis Jackson III, better known as 50 Cent, testified under oath that the media buzz claiming he earned $7.8 million in bitcoin was false. Thanks, TMZ.

About a month ago, we were #blessed with a crypto fairytale: that 50 Cent, having boldly accepted bitcoin as payments for Animal Ambition, received around 700 bitcoins, and somehow hadn’t cashed out what was worth around $400,000 in 2014. Suggesting the rapper inadvertently made millions by holding.

His response after the story broke last month is arguably still true. In a now-deleted Instagram comment, the rapper wrote, “I’m a keep it real. I forgot I did that shit.”

Photo courtesy of odou.

Apparently, his supposed crypto windfall raised Uncle Sam’s eyebrows because last week Jackson was forced to admit in bankruptcy court that the sales of his album were completed by a third party and the bitcoins were immediately converted into USD.

An excerpt from the bankruptcy document.

So why the deception? Because it’s all about the branding. When questioned, Jackson stated that anything that isn’t actively damaging to his image isn’t worth denying. He added, “This is particular true when I feel the press report in question is favorable to my image or brand, even if the report is based on a misunderstanding of the facts or contains outright falsehoods.”

We’re not mourning the fall of a newly minted crypto king, rather another small blow to all of us hoping we could get rich without really trying.

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More: 50 Cent admits in bankruptcy document that he never actually owned any bitcoin


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