Portuguese soccer star Cristiano Ronaldo is hit with a $1 billion class-action lawsuit for allegedly promoting cryptocurrency-related non-fungible tokens (NFTs).
The NFT is issued by Binance, the world’s largest cryptocurrency exchange.
The lawsuit accuses Ronaldo and Binance of making “deceptive statements” when promoting the “CR7” NFT series to be launched in November 2022.
“Evidence now shows that Binance’s fraud was only able to reach this level by offering and selling unregistered securities, with the voluntary assistance and voluntary assistance of some of the world’s richest, most powerful and well-known organizations and celebrities like the defendants. Assist, Ronaldo,” according to the lawsuit obtained by The Associated Press.
The lawsuit also accuses Ronaldo of failing to disclose how much Binance paid its partners, as required by law.
NFTs are digital art forms traded on the blockchain. Once popular and expensive, they are now 95% considered worthless, according to NFT Scan and CoinMarketCap data examined by Business Insider.
The CR7 collection features various animated statues of Ronaldo. According to the Associated Press, the starting price of NFT ranges from $77 to $10,000.
Representatives for the soccer star declined to comment.
This comes after Binance CEO Changpeng Zhao announced his resignation after pleading guilty to criminal charges of failing to prevent money laundering.
See More: Binance Founder Convicted of Felony for Failure to Prevent Money Laundering
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