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Cristiano Ronaldo at Centre of $1 Billion Lawsuit Over Cryptocurrency Exchange Advertising
- Cristiano Ronaldo partnered with cryptocurrency exchange, Binance, last year
- He is now at the centre of a lawsuit over his involvement in promoting Binance
- Mercedes' F1 team and Major League Baseball are also in hot water due to FTX
Cristiano Ronaldo has found himself in a bit of hot water.
The Portuguese superstar, who has been the face of many advertising campaigns, is reportedly in legal trouble over one of his latest campaigns.
The Al-Nassr captain has recently been heavily promoting Binance, the largest cryptocurrency exchange in the world, but his association with the company has landed him in trouble.
As noted by the BBC, Ronaldo is facing a class action lawsuit in the United States of America due to his promotion of the cryptocurrency exchange.
It is claimed in the lawsuit that his endorsement of the company led the plaintiff to lose money through their investments. They are seeking damages to the sum of $1 billion.
Ronaldo’s NFT’s have lost value
In November 2022, when Ronaldo first partnered with Binance, it was announced that he would launch a range of collections of non-fungible tokens (NFTs), a form of virtual assets.
At that stage, the cheapest NFT was $77. One year later, it is only priced at $1.
Ronaldo reportedly didn’t divulge his pay
Another reason the footballer could be in trouble is his failure to disclose how much the company paid him.
According to US law, celebrities must divulge how much they are paid when they endorse investment opportunities so investors know why celebrities endorse such companies.
Ronaldo not the only one in trouble
While Ronaldo is in hot water over his involvement with Binance, he can perhaps take comfort in knowing he isn’t the only one in trouble.
CoinTelegraph reports that Mercedes-AMG Petronas F1 Team and Major League Baseball (MLB) are accused of helping FTX perpetrate fraud.
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Mercedes and the MLB both had promotional deals with the crypto exchange. FTX founder and former CEO, Sam Bankman-Fried was convicted of seven charges relating to fraud, conspiracy, and money laundering, shining a spotlight on anyone associated with them.
Anderson charged with involvement in cryptocurrency fraud
It is reported that the 33-year-old, who won four Premier League titles with the Red Devils is among eight people who are under investigation.
It is understood they have been charged with aggravated theft, fraud, and money laundering by a state prosecutor, as Sports Brief reported.