Ronaldo Facing Class Action Lawsuit
Cristiano Ronaldo, the famous football player, is being sued in a class-action lawsuit for his role in promoting the troubled crypto exchange Binance. Investors who claim to have suffered losses have filed the lawsuit, alleging that Ronaldo endorsed Binance as a “safe and reputable exchange.”
Multiple Lawsuits Filed
The plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, have filed separate class-action lawsuits not only against Ronaldo but also against Major League Baseball, F1, Mercedes-Benz, and global advertising agency Dentsu.
Accusations Against Binance and FTX
Three of the lawsuits accuse multiple entities of aiding and participating in fraudulent activities by promoting FTX as a secure exchange. The fourth lawsuit specifically alleges that Cristiano Ronaldo played a role in promoting unregistered securities on behalf of Binance.
Ronaldo’s Involvement with Binance: NFTs and More
Ronaldo has been associated with Binance since mid-2022 when he launched his first non-fungible token (NFT) collection on the platform. The lawsuit claims that users were attracted to Binance primarily because of Ronaldo’s NFTs and were more likely to engage in other crypto-related activities, including investing in unregistered securities like Binance’s BNB.
Impact on Binance and FTX
The lawsuit comes at a time when the crypto industry is facing scandals and legal issues. FTX’s former CEO was recently found guilty of money laundering and fraud, while Binance’s CEO pleaded guilty to Anti-Money Laundering violations. Both exchanges are now dealing with significant challenges.
Allegations of Ronaldo’s Knowledge
The lawsuit suggests that Ronaldo, with his investment experience and resources, should have been aware of Binance’s involvement in selling unregistered securities. It implies that he could have sought advice from external advisors, potentially implicating him in the alleged fraudulent activities.
Hot Take: Celebrity Endorsements and Legal Consequences
Ronaldo’s involvement in the Binance lawsuit raises questions about the responsibility of celebrities when endorsing crypto projects. This case highlights the potential legal ramifications for celebrities who promote cryptocurrencies without fully understanding their implications. It serves as a reminder that investors should exercise caution and conduct thorough research before making any investment decisions in the crypto space.
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