Cristiano Ronaldo is under the magnifying glass. In a BBC publication last night it was stated that the Portuguese striker of Al-Nasr is being investigated because a major scam network may be involved to promote the cryptocurrency company Binance.
The footballer is facing a class-action lawsuit in the United States for his promotion of Binance, the world’s largest cryptocurrency exchange. The plaintiffs allege that his endorsement led them to make investments that caused losses.
They are seeking damages for “an amount in excess” of one billion dollars (915 million euros).
In November 2022, Binance announced its first ‘CR7’ collection of non-fungible tokens (NFT) in partnership with the Portuguese star, which the footballer said will reward fans “for all the years of support.” NFTs are virtual assets that can be bought and sold, but they don’t have their own form in the real world: they only exist digitally.
The cheapest NFT in the collection was priced at $77 when it went on sale in November 2022, but a year later, it was priced at around $1. The plaintiffs claim that Ronaldo’s promotion of Binance caused a “500% increase in searches” for the crypto exchange, which is registered in the Cayman Islands.
SEC Chairman Gary Gensler said that “when celebrities endorse investment opportunities, including cryptoasset securities, investors should be careful to investigate whether the investments are right for them, and they should know why celebrities are endorsing those investments.” opportunities”. The plaintiffs say Ronaldo should have disclosed how much he was paid, but didn’t.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
