Investors Lose 98.7% in Cristiano Ronaldo Launched NFT as Al Nassr Star Faces $1 Billion Lawsuit For Binance Endorsement

Endorsements and partnerships have taken a different turn with athletes recently. With billion-dollar companies using athletes for their marketable image to promote various brands and products, cryptocurrency also took the same route. However, things did not turn out well for Al Nassr superstar Cristiano Ronaldo. They penalized the player for collaborating with one of the biggest crypto companies.

The American law provides strict regulations for investor safety. Companies and partners have some obligations to fulfill while promoting a product. As per reports, Ronaldo has been accused of falling short of upholding these norms.

Cristiano Ronaldo: Huge losses for investors

It’s a well-known phenomenon that athletes can make a massive chunk of money through collaborations. But with the arrival of technology, certain products can be risky, and it seems like the Portuguese captain fell into the trap. According to a report, few investors lost 98.7% of their investments after trusting Cristiano Ronaldo’s push.

Ronaldo advertised for NFTs from Binance, a former leader in cryptocurrency. Several stakeholders invested in those NFTs in November 2022. The cheapest bitcoins cost $77. One year later, their value is $1.

Thus, the soccer star is being sued in Florida. Investors are claiming a loss of $1 billion and they also accused the company of selling unregistered securities.

Non-fungible tokens arrived in the public domain a couple of years ago and became a popular new thing. Not having any material value, the asset is only digital and virtual. But, the dynamics in the market are complex and risky. Hence, after they sold the entire collection last year, the value hit rock bottom this year.

Ronaldo called for trust in Binance!

Cristiano Ronaldo first signed a partnership with the organization in November 2022. He had been promoting the company on social media. Back in June, the former Real Madrid star stated he trusted Binance as it is one of the world’s largest crypto spaces.

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The star even gave a lie detector test with the firm, providing some striking revelations. However, the entire organization is under question now as it reportedly violated US security laws and regulations and operated as an unregistered securities exchange.

Binance is expected to pay $4.3 billion as a fine in addition to its CEO, Changpeng Zhao’s resignation. Has Ronaldo lost the plot? 

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