Cristiano Ronaldo's NFT collections launched on Binance suffer major loss in value

Plaintiffs, who claim that Cristiano Ronaldo promoted Binance and that this situation misled them, are seeking damages exceeding 1 billion dollars.

Portuguese footballer Cristiano Ronaldo is facing a class-action lawsuit in the US due to his advertisements for the cryptocurrency exchange Binance. Through an NFT partnership formed by Ronaldo and Binance in 2022, the footballer promoted an NFT collection produced for him via his social media accounts.

A group of cryptocurrency investors filed a criminal complaint against Ronaldo. The plaintiffs argued that Ronaldo promoted Binance and that this situation misled them. The complaint demands over 1 billion dollars in damages from Ronaldo.

The plaintiffs accuse Ronaldo, whom they state has investment experience, advisors, and resources, of 'aiding and abetting the sale of unregistered securities.'

In November 2022, Binance announced its first 'CR7 token (NFT)' collection in partnership with Ronaldo, and the footballer stated that it would reward his fans. The cheapest NFT in the CR7 series was offered for sale at 77 dollars. Within a year, the value of these NFTs dropped to 1 dollar. According to the lawsuit file, Binance searches on the internet increased by 500 percent due to the promotion made by Ronaldo, who has a total of more than 800 million followers on his social media accounts.

News Source: 12punto