Cristiano Ronaldo, a famous soccer player, recently found himself in a difficult situation. He had partnered with Binance, a big name in the cryptocurrency world, to promote special digital items called NFTs (Non-Fungible Tokens). These NFTs were unique digital versions of memorable moments from Ronaldo’s career. However, things didn’t go as planned.
Investors Face Huge Losses
In November 2022, these NFTs were sold to people who were interested in both Ronaldo and digital investments. The problem started when the value of these NFTs dropped dramatically. Investors who put their money into these NFTs saw a huge loss, with some losing as much as 98.7% of their investment. This meant that something they bought for $77 was now worth only about $1.
The $1 Billion Lawsuit for Christiano Ronaldo
Because of these losses, a group of these investors has filed a lawsuit against Ronaldo and Binance. They are asking for more than $1 billion in damages. The lawsuit claims that Ronaldo and Binance didn’t follow the rules about selling these kinds of digital items. They are accused of making misleading statements and not being clear about the risks involved in buying these NFTs.
The Bigger Picture
This situation with Ronaldo is part of a larger issue where famous people promote digital investments like cryptocurrencies and NFTs. These types of investments can be very risky, and the values can change a lot in a short time. The lawsuit against Ronaldo is a reminder that promoting financial products is different from promoting regular products like sports drinks or sneakers.
Cristiano Ronaldo’s venture into promoting NFTs with Binance has turned into a legal battle, highlighting the risks and responsibilities associated with celebrity endorsements in the volatile world of digital investments.
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