Footballer Cristiano Ronaldo is now confronted with a class action lawsuit in the US, alleging that his promotion of Binance, the world’s largest cryptocurrency exchange, led investors to incur losses.
The plaintiffs are seeking damages exceeding $1 billion (£790 million). Binance, in collaboration with Ronaldo, introduced its “CR7” collection of non-fungible tokens (NFTs) in November 2022.
Ronaldo claimed these tokens would reward fans for their years of support.
NFTs are digital assets with no physical form, representing ownership of online content.
The lawsuit raises questions about Ronaldo’s endorsement impact on investment decisions. Both Ronaldo’s management company and Binance have been contacted for comments.
