Portuguese soccer star Cristiano Ronaldo has been caught in a class action lawsuit for his role in promoting non-fungible tokens (NFTs) related to cryptocurrency issued by Binance. The lawsuit was filed in federal court for the Southern District of Florida on Monday.
The plaintiffs are seeking at least $1 billion in damages, claiming that high-profile endorsements by celebrities like Ronaldo caused them to invest in what they considered unsafe investments. The lawsuit revolves around allegations of unlawful deception, with the plaintiffs arguing that the endorsements enticed them to purchase these digital assets without fully understanding 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. Ronaldo’s involvement with Binance, one of the world’s leading cryptocurrency exchanges, has brought this issue to the forefront, highlighting the influence celebrities have on investment decisions.
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