Cristiano Ronaldo faces $1 billion lawsuit over NFT promotion By Investing.com
Portuguese soccer star Cristiano Ronaldo has been hit with a class-action lawsuit for his role in promoting cryptocurrency-related non-fungible tokens (NFTs) issued by Binance. The lawsuit was filed in the Southern District of Florida federal court on Monday.
The plaintiffs are seeking damages of at least $1 billion, claiming that high-profile endorsements by celebrities like Ronaldo led them to invest in what they consider unsafe investments. The case revolves around allegations of unlawful deception, with the plaintiffs arguing that the endorsements enticed them into purchasing these digital assets without a clear understanding of the risks involved.
The lawsuit comes at a time when the cryptocurrency market is under increased scrutiny, with regulators and investors calling for greater transparency and accountability from platforms and endorsers alike. Ronaldo’s involvement with Binance, one of the world’s leading cryptocurrency exchanges, has brought this issue to the forefront, highlighting the influence celebrities can have on investment decisions.
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