Title: Cristiano Ronaldo Faces $1 Billion Lawsuit for Promoting Cryptocurrency-Related NFTs
Portuguese soccer star Cristiano Ronaldo is now at the center of a major legal controversy, as he faces a $1 billion class-action lawsuit for his involvement in promoting cryptocurrency-related “non-fungible tokens” (NFTs) issued by Binance. The suit, filed in federal court in Florida, alleges that Ronaldo’s promotion of Binance was deceptive and unlawful, leading investors into costly and unsafe investments.
The lawsuit claims that Binance’s fraudulent activities were only made possible with the help of high-profile figures like Ronaldo, accusing him of being involved in the sale of unregistered securities. Ronaldo launched his NFT collection with Binance in November 2021, showcasing animated statues depicting iconic moments in his life. The partnership saw a surge in online searches for “Binance” of approximately 500% after the announcement, and premium NFTs sold out within the first week.
In addition, the lawsuit accuses Ronaldo of failing to disclose his earnings from the Binance partnership, which is required under federal law for celebrities promoting securities. This omission further strengthens the plaintiffs’ case against the celebrated athlete.
Non-fungible tokens (NFTs), which attach a version number to digital images and add them to a cryptocurrency blockchain, were once highly sought after but have recently experienced a decline in value. The emergence of this legal dispute coincides with Binance’s recent agreement to a $4 billion settlement in a separate lawsuit, accusing the company of operating as an unregistered securities exchange.
Ronaldo’s legal entanglement is not an isolated incident, as several other well-known figures have faced litigation over their involvement in cryptocurrency promotions. Celebrities such as Larry David and Tom Brady were also named in a class-action suit against FTX, a collapsed crypto exchange.
Despite the ongoing lawsuit, Ronaldo has continued to actively promote Binance on his official website and social media platforms. Renowned as one of the most recognizable and wealthiest athletes worldwide, Ronaldo has played for top clubs like Real Madrid, Juventus, and Manchester United throughout his illustrious career.
As the case unfolds, the eyes of the sports and cryptocurrency worlds are on Ronaldo, and the outcome of this lawsuit could have significant ramifications for the future of celebrity endorsements in the crypto industry.
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