Cristiano Ronaldo is one of the biggest influencers in the world of sports. He is seen as one of the most ‘marketable athlete’ whose actions has a mega impact on the market shares. But it’s his fame and control that put him into a legal battle as per the reports. The star footballer is being sued in Florida. The plaintiffs claim that Ronaldo’s endorsement had led them to make costly and unsafe investments in one of the largest cryptocurrency exchanges – Binance. Cristiano Ronaldo, Bernardo Silva, Pepe and Other Players Pose in Latest Portugal Home and Away Jerseys Ahead of UEFA Euro 2024 (Watch Video).
Cristiano appealed to dismiss the case, but the judge presiding over ‘the $1 billion class action lawsuit against the soccer star’ denied his motion. Taking the case for judgment on 4th May, Judge Roy Altman ruled to stay proceedings pending a ruling on a motion to compel arbitration. This was done following complaints requests to the court. Judge Altman also cleared the court’s stand over Ronaldo’s appeal as he wrote, “We deny without prejudice the Defendant’s 29 motion to dismiss.”
How is Cristiano Ronaldo Involved in a $1 Billion Class Action for Cryptocurrency Case?
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 Ronaldo-owned brand name – “CR7.” Which are also used for multiple sportswear and gear. Cristiano Ronaldo-Lionel Messi Reunion? Al-Nassr Clears News of CR7 Joining Inter Miami.
Promoting these 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 kept promoting the CR7 NFTs on various platforms – mainly on social media tempting multiple potential buyers to invest.
The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022. And one year later, it was priced at about $1. Despite that the major blow occurred when the Binance company faced heat with its chief executive, Changpeng Zhao, pleading guilty to money laundering charges which raised a huge question mark over the ‘trust’ investors put in.
The case was filed in November 2023 and the soccer star is slapped with a $1 billion class action lawsuit. Now, with his motion to dismiss the case denied, Al-Nassr forward faces new legal challenge.
(The above story first appeared on LatestLY on May 08, 2024 10:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
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