Plenty of professional athletes and celebrities have felt repercussions for jumping on the cryptocurrency bandwagon. Tom Brady has faced some lawsuits, as well as numerous others. Now, it sounds like soccer phenom, Cristiano Ronaldo is next on the list.
Ronaldo is officially facing a $1 billion lawsuit for promoting NFTs in the cryptocurrency exchange, Binance, according to The Associated Press.
“Portuguese soccer star Cristiano Ronaldo has been hit with class-action lawsuit seeking at least $1 billion in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.”
That's quite a lot of dough. The lawsuit filed against Cristiano Ronaldo alleges that his promotion of Binance “was ‘deceptive and unlawful.'” For that reason, the lawsuit pinpoints Ronaldo as a major reason for possibly “misleading” people into investing in the cryptocurrency exchange and NFTs.
“‘Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe—just like Defendant Ronaldo,' the suit reads.”
As of now, Cristiano Ronaldo and his representatives are remaining quiet. Additionally, Binance has been silent as well.
Hopefully, this is something that resolves quickly. The end result of the NFT and cryptocurrency exchange craze has gone south. Even so, many are still hopeful that cryptocurrency becomes more relevant in the future. But for now, Cristiano Ronaldo will have to sort this situation out.
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