Cristiano Ronaldo Admitted More NFT Investments Before $1 Billion Lawsuit for Promoting Binance in USA

Cristiano Ronaldo is the talk of the town currently. Following his neck injury scare in the Champions League tie against Persepolis, the Portuguese star has been hit by a $1 Billion lawsuit for his role in promoting Binance. Moreover, CR7 had previously acknowledged making more NFT investments in the future. Keeping the current situation in mind, these comments do not bode well for the iconic star.

The Al Nassr forward had signed a multi-year deal in 2022, looking to improve his portfolio outside soccer. The partnership would see the former Ballon d’Or winner promote his own CR7 NFTs and naturally help boost the company’s growth. However, things took an unexpected turn as a plaintiff sued Ronaldo for promoting cryptocurrencies and unregistered securities. On that note, the lie detector test video resurfaces!

Video emerges by Cristiano Ronaldo admitting to more NFT investments!

Interestingly, the soccer legend had previously participated in a highly publicized lie-detector test with Binance. In the test, CR7 made two interesting statements. Firstly, he admitted to owning NFTs other than Binance; secondly, he confirmed introducing more NFTs in the future. The second statement adds intrigue when factoring in Ronaldo’s current situation.

In November 2022, Ronaldo launched the first edition of CR7 tokens, as a token of reward for his hardcore fans. The cheapest NFT from his debut collection was priced at $77 in 2022, but a year later, its value plummeted to $1. Perhaps this is a possible explanation as to why Ronaldo was sued in the first place.

The plaintiff declared Ronaldo’s promotion has boosted Binance’s popularity, leading to people purchasing NFTs. It has led to significantly more investments and a lowering of the value of cryptocurrencies. Ultimately, this led to the prosecutor making significant losses in their assets.

Should the lawsuit be a cause of worry for Ronaldo?

As per the lawsuit, “Mr. Ronaldo’s promotions solicited or helped Binance solicit investments in unregistered securities, encouraging his millions of followers, fans, and supporters to invest with the Binance platform.” It is believed that CR7 promoted the cryptocurrency through various media portals in the US.

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According to the US Securities and Exchange Commission, celebrities ought to disclose their profits when promoting cryptocurrencies. The plaintiff has alleged that Ronaldo has not revealed his payment on the deal. Interestingly, there has been a deafening silence from the Al Nassr man on this issue.

What do you think of Ronaldo’s lawsuit controversy? Let us know in the comments below.

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