Former Manchester United and Real Madrid star Cristiano Ronaldo faces a trial that could cost him around $1 billion (€917 million) in a worst-case scenario following accusations of wrongdoing regarding his promotion of a cryptocurrency company.
Ronaldo, who now plays for Al Nassr in Saudi Arabia, launched a line of non-fundable tokens (NFTs) last year in partnership with Binance. According to the BBC, the Portuguese is the subject of a class action lawsuit in the United States for promoting these virtual products.
The NFTs from Ronaldo’s collection were worth 77 dollars (71 euros) initially, but a year later, their price is only 1 dollar (0.92 euros), a loss in value of 98.7 %. The plaintiffs note that Ronaldo’s promotion of the products also led to a 500% increase in searches on their cryptocurrency exchange.
NFTs are classified as unregistered securities in the United States, and celebrities who promote these titles are required to disclose who is paying them for this promotion, and how much, which “CR7” has not done.
The BBC adds that Mr Ronaldo has not commented on the story and neither has Binance. Given that thousands of celebrities have been implicated in this case, if Ronaldo were found responsible, it could trigger a series of legal actions worth billions.
2023-12-01 13:39:31
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