Cristiano Ronaldo, a Portuguese soccer player is under fire again by the Binance user. Recently he was hit with a class-action lawsuit seeking at least $1 billion in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.
Details About Ongoing Conflict
On January 16, a motion was filed against Ronaldo by the users who lost their investments to Ronaldo’s promotions. Users are reaching out to the court as it is very difficult to reach this mega player. User proposal involves e-mail, X, and website publication, claiming that it complies with international contracts and provides notice to the defendant. The major reason behind this filing is users are complaining about Ronaldo’s current location in Saudi Arabia.
The core of the controversy lies in Binance, a prominent name in the cryptocurrency exchange, and its long partnership with Ronaldo. This collaboration was centered around marketing Ronaldo’s non-fungible token (NFT) collections. The legal claim suggests that Ronaldo’s significant influence and extensive reach contributed to luring investors to Binance, where they ended up investing in unregistered securities.
How it Affected Users?
Ronaldo is an international player and his social media presence can attract anyone easily. The player has 617 million followers around the world on his social media account. This played a crucial role in boosting Binance’s profile and his involvement in NFT sales, as evidenced by a remarkable 500% surge in searches for “Binance” following the first NFT sale.
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