Cristiano Ronaldo, globally renowned footballer, is entangled in a class action lawsuit in the US regarding his association with Binance, the world’s largest cryptocurrency exchange....CONTINUE READING THE FULL ARTICLE>>>
Plaintiffs allege that Ronaldo’s endorsement led to substantial investment losses, seeking damages exceeding $1 billion.
The lawsuit stems from Binance’s collaboration with Ronaldo in November 2022 to launch the “CR7” collection of non-fungible tokens (NFTs).
Ronaldo, while promoting these NFTs, conveyed to his fans that they were a gift, a gesture to reward their years of support.
However, despite Ronaldo’s promises, individuals who invested in the CR7 NFTs encountered significant financial losses amounting to millions of dollars.
Disillusioned by these losses, formerly loyal fans are seeking restitution, no longer considering themselves as supporters.
The lawsuit underscores the impact of celebrity endorsements on financial decisions and raises questions about the responsibility and repercussions associated with such high-profile promotions in the cryptocurrency market.
