Cristiano Ronaldo, the Al-Nassr superstar, thrives in the Saudi Pro League, leading his team from the front through his sublime form. He recently executed a stunning 40-yard-long goal, worthy of the Puskas award, continuing his excellent season.
Apart from showcasing his skills on the pitch and representing Portugal’s national team and club side Al-Nassr, the Portuguese superstar is involved in various business ventures and brand endorsements. Apparently, one such deal has landed him in legal trouble with a lawsuit.
Cristiano Ronaldo facing $1 billion lawsuit
The former Real Madrid forward is the world’s highest-earning footballer in 2023, according to the Forbes list. A substantial portion of his income is derived from sponsorships, brand endorsements, and various business ventures and partnerships. Nonetheless, his recent collaboration with Binance, a cryptocurrency exchange firm, to sell NFTs has caused trouble for the player.
Reportedly, Ronaldo is currently facing a $1 billion class-action lawsuit in the US for promoting Binance, the largest cryptocurrency exchange platform. Binance specializes in non-fungible tokens (NFTs), which are unique crypto-based collectibles representing digital works and are considered assets tradable on the blockchain.
Changpeng Zhao, the founder of a blockchain firm, recently acknowledged his connection to a money laundering case. As a result, the United States Justice Department levied a substantial fine of $4.3 billion and promptly notified federal authorities about the questionable activities. Nevertheless, the 38-year-old persisted in actively promoting the brand as a result of his ongoing partnership agreement.
Following the judgment, prosecutors have taken legal action against the company and Ronaldo by filing a lawsuit in a Florida court on Tuesday. The charges pertain to Ronaldo’s involvement in promoting NFTs with Binance on his social media, which allegedly led to a substantial loss for investors.
What did Cristiano Ronaldo do?
Cristiano Ronaldo partnered with Binance to launch his NFTs just a year ago. Ronaldo’s iconic moments in November 2022 served as the inspiration for each digital collectible. The lowest price for one item was $77, and he has been actively promoting this collaboration on his social media platforms.
The plaintiffs have alleged that Ronaldo made deceptive statements regarding his endorsement of NFTs, which are digital assets that can be bought and traded online.
Furthermore, a new scheme was introduced that granted the owner of the NFT the chance to meet Ronaldo. It also alleges that he permitted Binance to use his name and likeness to promote digital assets and attract buyers through his influence. Currently, there has been no response or additional clarification from Ronaldo’s representatives regarding the matter.
