Lawsuit against Cristiano Ronaldo over Cryptocurrency sponsorship may exceed $1 billion
The world of football superstar Cristiano Ronaldo is once again making headlines, but this time it’s not for his on-field performances. The former Manchester United and Real Madrid star is facing a lawsuit that could potentially cost him a staggering $1 billion (€917 million) over his promotion of a cryptocurrency firm. Accusations of wrongdoing regarding his release of Non-Fungible Tokens (NFTs) in partnership with Binance have landed Ronaldo in legal hot water. The lawsuit, a class action filed in the USA, alleges that Ronaldo’s promotion of the virtual products led to a significant loss of value for consumers and failed to disclose important financial details. This legal battle could have far-reaching implications not just for Ronaldo, but for the entire landscape of celebrity endorsements of cryptocurrency and NFTs.
Cristiano Ronaldo Faces $1 Billion Lawsuit Over NFT Promotion
Former football superstar Cristiano Ronaldo is in hot water as he faces a potential $1 billion lawsuit over his promotion of a cryptocurrency firm’s Non-Fungible Tokens (NFTs). The Portuguese player, currently with Al Nassr in Saudi Arabia, partnered with Binance to release a line of NFTs last year. However, the virtual products’ value has plummeted by 98.7%, causing outrage among investors.
The NFTs initially sold for $77 but are now priced at just $1, leading to accusations of wrongdoing against Ronaldo for promoting the products without disclosing payment information. The lawsuit, being brought in the USA, alleges that Ronaldo’s promotion led to a 500% increase in searches for the crypto exchange, further complicating the situation.
While Ronaldo and Binance have not commented on the issue, the potential outcome could have profound implications for celebrities involved in similar promotions. If found liable, the case could trigger a wave of legal action involving billions of dollars.
