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The Billion Dollar Lawsuit: Ronaldo’s NFT Advertising Disaster

Economy Because of Advertising

“Fraudulent and illegal” – soccer star Ronaldo faces a billion-dollar fine

As of: 01:10 a.m. | Reading time: 2 minutes

Cristiano Ronaldo now earns a lot of money in Saudi Arabia

Quelle: AFP/-

An advertising deal with the cryptocurrency exchange Binance could become a financial disaster for superstar Cristiano Ronaldo. A lawsuit filed in federal court in Florida seeks $1 billion in damages for fraud.

Footballer Cristiano Ronaldo is facing a class action lawsuit over advertising for cryptocurrency exchange Binance. In a statement of claim filed in a federal court in Florida, the star striker is demanding damages of one billion dollars (around 910 million euros).

With his advertising for so-called Non-Fungible Tokens (NFT) from Binance, Ronaldo behaved “fraudulently and illegally,” it was said. NFT in German means “non-exchangeable tokens” that are stored using blockchain technology, a digital database. The process is intended to turn NFTs into unique collectibles.

Digital tokens experienced a brief boom, but the NFT business has largely collapsed, especially as the crypto industry has recently been rocked by scandals and market collapses.

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Before the 2022 World Cup in Qatar, Ronaldo presented his first NFT collection with his abbreviation “CR7”. Seven animated statues depicting the star in iconic moments of his sporting career were offered for sale. The starting prices for Ronaldo’s NFT series were between the equivalent of around $77 and $10,000.

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The lawsuit speaks of the incredible success of advertising its partnership with the cryptocurrency exchange. Search queries with the keyword Binance increased by 500 percent after Ronaldo’s NFT campaign was announced. The plaintiffs argue that Binance’s partnership with celebrities like the star striker seduced them into making costly and unsafe investments.

Just last week, the world’s largest cryptocurrency exchange Binance agreed to pay a fine of almost four billion dollars following allegations of violations of US securities laws. Its founder and boss Changpeng Zhao resigned and admitted that he had not taken action against money laundering on the platform.

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2023-12-01 00:10:03
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