Ronaldo sued by investors for $1 billion for advertising virtual currency

According to Forbes , some investors filed a lawsuit, accusing Cristiano Ronaldo of participating and supporting Binance in selling unregistered securities despite knowing the risks. The Portuguese superstar regularly promotes Binance and its NFT collections (a type of tokenized ownership instrument) on his personal page with more than 840 million followers. With the reputation of the world's top sports star, Ronaldo is said to have helped Binance gain millions of investors.

Not stopping there, Ronaldo was also accused of aiding Binance in its fraudulent and illegal cryptocurrency conversions. The superstar born in 1985 remained silent and did not delete his posts about this virtual currency exchange.

Previously, Binance was investigated for a series of violations of the US Commodity Exchange Act. On November 22, Changpeng Zhao, the founder of Binance, admitted to money laundering and had to step down as CEO of this virtual currency exchange. Binance was also found guilty of violating the Bank Secrecy Act and had to pay $4 billion in compensation.

Ronaldo should be worried because before that, another celebrity, Kim Kardashian, was also fined $1.26 million by the US Securities and Exchange Commission (SEC) in late 2022, just because of an advertising post for EthereumMax, a virtual currency code related to a series of price pumping and dumping behaviors.

In March 2023, it was the turn of sports stars such as football legend Tom Brady and basketball star Steph Curry to be "caught" for assisting the FTX exchange of criminal fraudster and money launderer Sam Bank-man Fried.

Minh Tu

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