Soccer Superstar Cristiano Ronaldo Faces $1 Billion Class-Action Lawsuit for Promoting NFTs
Cristiano Ronaldo, one of the world's most famous and celebrated soccer players, is embroiled in a $1 billion class-action lawsuit stemming from his promotion of non-fungible tokens (NFTs) issued by the cryptocurrency exchange Binance. The lawsuit alleges that Ronaldo's endorsement of Binance's NFTs misled investors, causing them to suffer substantial financial losses.
Details of the Lawsuit
The lawsuit, filed in a Florida federal court, accuses Ronaldo of promoting, assisting in, and actively participating in the sale of unregistered securities in coordination with Binance. The plaintiffs claim that Ronaldo's actions, including his social media endorsements and promotional appearances, induced investors to purchase Binance's NFTs, which they allege are unregistered securities and therefore illegal to sell without proper registration.
Ronaldo's Role in Binance NFT Promotion
Ronaldo's involvement with Binance NFTs began in November 2022, when he partnered with the exchange to launch a collection of NFTs featuring his image and likeness. The NFTs, priced from $77 to $10,000, were marketed as exclusive collectibles that would provide holders with access to unique perks and experiences.
Allegations of Deception and Misleading Statements
The lawsuit contends that Ronaldo's promotion of Binance NFTs was deceptive and misleading, as it failed to disclose the risks involved in investing in NFTs and the fact that they were unregistered securities. Additionally, the plaintiffs argue that Ronaldo's celebrity status and influence misled investors into believing that Binance NFTs were a safe and profitable investment.
Ronaldo's Defense
Ronaldo has yet to formally respond to the lawsuit. However, his representatives have denied any wrongdoing and have stated that he was not aware that Binance's NFTs were unregistered securities.
However, the allegations raised in the lawsuit could have significant implications for Ronaldo and the cryptocurrency industry as a whole.
