Cristiano Ronaldo has been issued a $1 billion (R18.8 billion) lawsuit for his role in promoting a now-beleaguered cryptocurrency.
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Prior to the commencement of the 2022 FIFA World Cup, the Portuguese attacker launched his inaugural non-fungible token (NFT) "CR7" collection with cryptocurrency exchange Binance.
The NFT collection, which had a price range of between $77 and $10 000 (about R1 450 and R188 500), included seven animated statues of Real Madrid's all-time top goalscorer and some of the most memorable moments from his career and life.
The suit, which was filed in a federal court in the Southern District of Florida earlier this week, alleges that while the partnership has been incredibly successful, the five-time Ballon d'Or winner's promotion of Binance of was "deceptive and unlawful".
"Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognised organisations and celebrities across the globe – just like Defendant Ronaldo," the suit reads, as per ESPN.
The suit also alleges that after the Madeira native's partnership was announced, the company in question saw a 500% increase in online searches using the keyword "Binance".
Authorities are also questioning why the football star has not disclosed how much he received from Binance for the partnership, with the US Securities and Exchange Commission stating that federal law requires celebrities to publicly disclose how much they're getting paid to promote securities, including crypto assets.
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It remains to be seen if the football icon will face further punishment.
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