Specifically, Cristiano Ronaldo is facing a class action lawsuit in the US. The plaintiffs accuse the Portuguese soccer star of collaborating with the cryptocurrency exchange Binance to "promote, support, and actively participate in the sale of unverified digital assets on Binance", causing great damage to investors.
The plaintiffs in the lawsuit have asked Cristiano Ronaldo to pay up to $1 billion in compensation for the financial losses they have suffered.
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| Cristiano Ronaldo Partners with Binance to Launch NFT Collection in 2022 |
It all started in November 2022, when the world's leading cryptocurrency exchange Binance announced the "CR7" Non-Fungible Token (NFT) collection, a collaboration between Binance and Cristiano Ronaldo.
NFT is a form of virtual item authenticated by blockchain technology, with the digital signature of the owner, also known as the NFT chain. Although it has no tangible value, the NFT code is stored on the blockchain, cannot be destroyed or copied, meaning it is unique.
Thanks to that, NFT investors will exclusively own assets certified by the NFT code chain, usually digital works such as paintings, photos, music works, videos or virtual items in games, items in the virtual metaverse universe...
Superstar Cristiano Ronaldo has partnered with cryptocurrency exchange Binance to promote his branded NFT collection. Ronaldo told investors that "we will change the NFT game and take football to the next level."
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| Binance "shows off" a promotional video filmed with Ronaldo on November 28, showing that the two sides are still continuing to cooperate. |
Initially, Cristiano Ronaldo's NFTs were priced at $77 when they were released in November 2022, but a year later, they are now priced at less than $1.
The plaintiffs in the lawsuit allege that Cristiano Ronaldo used his fame to encourage them to invest in the soccer star's branded NFT assets as well as cryptocurrency assets issued by Binance.
Representatives for Cristiano Ronaldo and the Binance exchange have yet to comment on the lawsuit. Binance recently revealed that it is working with Ronaldo on something, possibly some other type of digital asset.
The cryptocurrency exchange Binance itself is also facing its own legal troubles. Recently, Binance founder Trieu Truong Bang (known by his nickname CZ) agreed to pay $4.3 billion in compensation and stepped down as CEO of Binance after admitting to violating the US government's Anti-Money Laundering Law.
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