NFTs
Cristiano Ronaldo suffers legal blow for promoting ‘unsafe’ CR7 NFTs on Cryptocurrency Exchange Binance
Cristiano Ronaldo crying (Photo credit: X/@Nicky__Baba)
Cristiano Ronaldo is one of the biggest influencers in the world of sports. He is seen as one of the most marketable athletes whose actions have a mega impact on market shares. But it was his fame and control that landed him in a legal battle, according to reports. The football star is being sued in Florida. The plaintiffs allege that Ronaldo’s endorsement led them to make expensive and unsafe investments in one of the largest cryptocurrency exchanges – Binance. Cristiano Ronaldo, Bernardo Silva, Pepe and other players pose in Portugal’s latest home and away shirts ahead of UEFA Euro 2024 (watch video).
Cristiano appealed for the case to be dismissed, but the judge presiding over “the $1 billion class action lawsuit against the football star” denied his request. Settling the case for trial on May 4, Judge Roy Altman decided to stay the proceedings pending a ruling on a request to compel arbitration. This was done following complaints to the court. Judge Altman also clarified the court’s position on Ronaldo’s appeal by writing, “We deny, without prejudice, defendant’s Motion 29 to Dismiss.”
How Is Cristiano Ronaldo Involved in a $1 Billion Cryptocurrency Class Action Lawsuit?
Cryptocurrency exchange platform Binance announced a collection of non-fungible tokens (NFTs) in partnership with Ronaldo in November 2022. The NFTs were named after the brand owned by Ronaldo – “CR7”. Which are also used for various sports equipment and clothing. Cristiano Ronaldo-Lionel Messi reunion? Al-Nassr clarifies news of CR7 joining Inter Miami.
Promoting them, Ronaldo said the NFT would reward fans “for all the years of support.” They published a video announcing the partnership, where Cristiano Ronaldo told potential investors that “we are going to change the NFT game and take football to the next level”. The Portuguese star continued to promote CR7 NFTs on various platforms – mainly on social media, tempting several potential buyers to invest.
The cheapest NFT in the collection cost $77 when it went on sale in November 2022. And a year later, it cost around $1. Despite this, the big blow came when the company Binance faced criticism with its chief executive , Changpeng Zhao, who pleaded guilty to money laundering charges, which raised a huge question mark over the “trust” placed by investors.
The case was filed in November 2023 and the football star faces a $1 billion class action lawsuit. Now, with his request to dismiss the case denied, the Al-Nassr striker faces a new legal challenge.
(The above story first appeared on LatestLY on May 8, 2024 at 10:26 am IST. For more news and updates on politics, world, sports, entertainment and lifestyle, visit our website lately.com).
Share now
Show full article Share now