Lawsuit against Cristiano Ronaldo claims he promoted NFTs worth $1 billion

Cristiano Ronaldo, the world-renowned football star, is facing a class-action lawsuit demanding at least $1 billion in damages for his involvement in promoting non-fungible tokens (NFTs) issued by the troubled cryptocurrency exchange Binance. The lawsuit claims that Ronaldo’s promotion of Binance was deceptive and unlawful, causing investors to make costly and unsafe investments.

Ronaldo’s partnership with Binance led to the successful launch of his inaugural NFT “CR7” collection, which featured animated statues depicting iconic moments from the athlete’s life. The significant increase in online searches for “Binance” following the announcement of Ronaldo’s NFTs and the rapid sale of premium-level NFTs are cited as evidence of the promotional partnership’s success.

Despite the collapse of NFTs and the cryptocurrency industry, Ronaldo has continued to promote Binance on his official website and social media platforms. However, Binance has faced its own legal challenges, including accusations of operating as an unregistered securities exchange and violating U.S. securities laws.

This lawsuit is not the first time a celebrity has faced legal action over crypto promotions, and it underscores the ongoing controversies and instability within the cryptocurrency industry. Ronaldo is known for his exceptional career in football, having played for top clubs in Spain, Italy, and England, and currently representing Saudi Arabian professional team Al Nassr. The legal battle over his involvement with Binance adds another layer of complexity to his already illustrious career.

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