🚨 Breaking News: Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance NFTs!
⚽ Legal Action Unleashed in the USA!
Portuguese football legend Cristiano Ronaldo is in the legal spotlight with a class-action lawsuit demanding a staggering $1 billion in damages. The lawsuit, filed in the Southern District of Florida, alleges deceptive and unlawful promotion of cryptocurrency-related "non-fungible tokens" (NFTs) issued by the troubled cryptocurrency exchange Binance.
📑 Key Lawsuit Claims:
The suit contends that Ronaldo's endorsement of Binance was deceptive, leading investors into costly and unsafe investments. It alleges that Binance's fraudulent activities were conducted through the offer and sale of unregistered securities, with the support of influential organizations and celebrities, including Ronaldo.
💼 Impactful Partnership:
Ronaldo's partnership with Binance, particularly the launch of his inaugural NFT collection "CR7," is under scrutiny. The lawsuit claims a 500% increase in online searches for "Binance" following the announcement of the NFTs, with premium-level NFTs selling out within a week.
💸 Hidden Payments Allegation:
The lawsuit also raises questions about Ronaldo's disclosure of payment from Binance for the partnership. It points to the U.S. Securities and Exchange Commission's requirement for celebrities to publicly disclose payments for promoting securities, including crypto assets.
⚖️ Previous Crypto Litigation and Celebrities:
This isn't the first time a celebrity has faced legal issues over crypto promotions. Last year, Hollywood and sports stars, including Larry David and Tom Brady, were named in a class-action suit against FTX, another collapsed crypto exchange.
Despite the legal challenges, Ronaldo continues to promote Binance on his official website and social media. His recent post on X hints at something brewing with the crypto exchange.
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