Portuguese soccer star Cristiano Ronaldo received a lawsuit from a group of crypto investors earlier this week over his role in promoting Binance, the world’s largest crypto exchange. Now it appears that $1 billion in damages has been sought to compensate for the losses suffered.
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Crypto deception
The investors are putting Ronaldo under pressure with a so-called class action lawsuit.
The multiple Ballon d’Or winner inked a multi-year deal with Binance in mid-2022 to issue multiple non-fungible token (NFT) collections. His vile fan base achieved great success, but prosecutors called the action “misleading and unlawful.” Ronaldo is accused of “promoting, assisting and/or actively participating in the offer and sale of unregistered securities in connection with Binance.”
The cheapest Ronaldo NFT cost $77 at launch, but currently its value has all but evaporated. You can get an NFT like this for just a mere euro. Fans feel cheated and are now demanding $1 billion in damages in court. That amounts to around 920 million euros.
The plaintiffs also allege that Ronaldo’s promotions led to investments in other unregistered securities on Binance’s platform. They claim that more than 100 million Binance users have seen Ronaldo’s advertisements, including on television and social media.
Ronaldo will be held responsible
Ronaldo is said to have used his celebrity to hype investments, driving traffic and investors to the platform.
Plaintiffs’ attorney Adam Moskowitz wrote that Ronaldo could be held liable for investors’ losses:
“The binding law… across the country regarding the mass promotion of cryptocurrencies and unregistered securities has recently been clarified and repealed.” Under the new standards, promoters such as Cristiano Ronaldo, who seek a financial incentive for themselves or for the financial benefit of the issuer of the securities ( “Binance) will be held liable under securities laws for using the Internet and social media to mass promote cryptocurrencies.”
Plaintiffs’ attorneys believe significant compensation is the only path to justice for victims.
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