- Retired soccer star Ronaldinho Gaúcho has testified at a congressional hearing in Brazil, where he denied any involvement in an alleged $61 million crypto pyramid scheme called '18kRonaldinho'.

- The scheme reportedly promised investors 2% daily returns on crypto investments, and a lawsuit seeking $61 million in damages has been filed against the company.

- Ronaldinho stated that he was never partnered with the company and that they used his name and image without his authorization. He claimed to be a victim of the alleged scheme.

- During the hearing, images were shown of marketing material from 18kRonaldinho that featured Ronaldinho's likeness. He explained that these pictures were taken as part of a contract he signed with a subsidiary of the company selling watches in 2019, but that contract was later terminated.

- The inquiry's president questioned Ronaldinho about reimbursing investors and the $61 million lawsuit, to which Ronaldinho remained silent and did not provide specific answers.

- The inquiry was initiated in June by Brazil's lower house, the Chamber of Deputies, to investigate alleged crypto #pyramid schemes. It's looking into a total of 11 companies accused by the country's Securities and Exchange Commission of making false promises of high returns through #crypto investments.

❗️The $83 million PYRAMID has collapsed.

A massive scam occurred in South Korea, where they deceived 6610 people in just a couple of months.

Scammers created a crypto pyramid and promised 300% per month. Token issuance and listing on top exchanges were part of the scheme.

I can't understand 😡 how anyone could fall for this?

#cryptocurrency #scams #pyramid