Al-Nassr footballer Cristiano Ronaldo is entangled in a legal dispute stemming from the cryptocurrency turmoil in the United States. A lawsuit exceeding $1 billion has been filed against the Portuguese icon in US courts by individuals affected by Binance’s platform. These individuals claim that Ronaldo’s endorsements persuaded them to invest in cryptocurrencies on the platform, resulting in substantial financial losses.
In November 2022, Binance introduced its inaugural ‘CR7’ collection of non-fungible tokens (NFTs) in collaboration with Cristiano Ronaldo. The footballer had expressed that these tokens would be a way to reward his fans for their years of support.
The lawsuit further contends that the former Manchester United player should have been cognizant of Binance’s sale of crypto-assets due to his investment experience and access to ample resources for seeking advice.
Ronaldo’s substantial social media following of 850 million was a significant factor in bolstering Binance’s prominence, as highlighted in the complaint. Allegations suggest that his NFT sales were highly effective in promoting the exchange, resulting in a 500% surge in Binance searches the week following the initial sale.
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