Wednesday, June 19, 2024

Cristiano Ronaldo Faces $1billion Lawsuit Over NFT Promotion

Cristiano Ronaldo is facing a $1 billion class action lawsuit in the U.S. after promoting his non-fungible token (NFT) collaboration with cryptocurrency exchange Binance on social media. Binance has recently taken a hit to its reputation. Last week, Binance chief executive Changpeng Zhao resigned from the company after pleading guilty to money laundering violations. The United States’ justice department also said Binance would be required to pay $4.3 billion (£3.4bn) in penalties — and report suspicious activity to federal authorities. Last November, Ronaldo launched a collection of NFTs with the company, the cheapest of which was priced at $77. One year later, this costs about $1. The plaintiffs are suing the 38-year-old in Florida, claiming they made loss-making investments on the back of his social media advertisements for Binance products. The Athletic dug through the 130-page lawsuit to explain the claims against Ronaldo and to analyse what it means for the wider issue of footballers promoting controversial investments.

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